Pantheon Publications
Below is a list of our Publications for the last 5 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
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Kelvin Lam (Senior China+ Economist)
In one line: China’s official non-manufacturing PMI dips below 50 for the first time since Covid reopening
In one line: China’s NBS manufacturing PMI shows mild improvement, but core industries cherished by policymakers weakens in November.
- Bank of Korea remained on hold in November, citing a stronger growth and inflation outlook and a weak KRW.
- The accompanying statement dropped “easing stance” wording, amid a reduced easing bias on the MPB.
- While staying open to possible cuts, the chance of a January move is lower, likely pushed back to February.
- Japan’s PM Takaichi revealed a mega-stimulus plan to ease the impact of inflation and boost growth.
- Inflation data support a December hike, but domestic politics and geopolitics complicate the timing…
- …Still, extreme JPY weakness may ultimately force the BoJ to hike, if its intervention impact proves short-lived.
- China’s activity data deteriorated further in October, underscoring still-lacklustre domestic demand…
- …The weakness in FAI remains the focal point; it is on course to have its worst-performing year since 1994.
- Excess property inventory will take some time to digest; the market will now focus on December’s CEWC.
- China has been steadily strengthening its position in global maritime and logistics networks.
- It stands to benefit from an operational Northeast Passage, reinforcing its ambitions in global logistics.
- China plans to strengthen its aviation industry, making its own aircraft and expanding its airline market share.
- Festive demand lift ed consumers out of deflation, but it won’t stick without stronger underlying demand.
- PPI deflation moderated, but deeper manufacturing deflation shows China is not fully out of the woods.
- The inflation trajectory hinges on the economic recovery, stimulus strength and anti-involution progress.
- The Xi–Trump meeting in Korea marked a watershed shift in negotiating power between the US and China.
- The RatingDog manufacturing PMI eased, similar to the NBS, on weak demand both at home and abroad.
- China is betting on powering growth by both expanding consumption and maintaining its export prowess.
In one line: BoJ stands pat amid trade uncertainty and wage caution as Takaichi takes helm
In one line: Bank of Korea hold rates in October as Seoul housing surges
