Pantheon Publications
Below is a list of our Publications for the last 6 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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Miguel Chanco (Chief EM Asia Economist)
- The manufacturing PMI for ASEAN ticked up to 50.8 in November, but its downtrend remains intact.
- More softness is in store heading into 2025; activity is uneven, and forward-looking gauges are falling.
- Indonesian inflation fell further in November to a 40-month low, opening the door more to rate cuts.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: Moving closer to the lower bound of BI’s target range; S/T stability coming.
Miguel Chanco (Chief EM Asia Economist)Global
- In one line: A narrow and likely short-lived uptick.
Miguel Chanco (Chief EM Asia Economist)Global
A narrow and likely short-lived uptick in ASEAN’s PMI for November
Inflation moves closer to the lower bound of BI’s target range; S/T stability coming
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: A modest acceleration, and one that was flattered by Diwali calendar effects.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: The boost from ‘other’ sales fades, again; no noticeable immediate lift from the first cash-handout.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Retail sales in Taiwan unexpectedly fell by 0.5% year-over-year in October…
- …The Ministry of Economic Affairs attributes this to Typhoon Kong-rey; we see more to the story.
- We are optimistic that sales will bounce back inNovember, as one-off headwinds reverse.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- GDP growth in India plunged to 5.4%, from 6.7% in Q2, vindicating our bottom- of-the-range fore cast…
- …The further unwinding of the discrepancies lift was mainly to blame, but private demand softened too.
- This print will be a huge shock to the RBI’s rose-tinted GDP fore casts; door’s now open to a rate cut.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
EM ASIA IS PARTICULARLY EXPOSED TO ‘TRUMP 2.0’
- …INDONESIA AND THE PHILIPPINES DISAPPOINT IN Q3
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Thai exports jump to a fresh high on the back of an ASEAN bump
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Thailand’s customs trade balance has been deteriorating modestly for a few months…
- …Masking a now-complete recovery in nominal exports from their painful 2022 slump.
- No room for complacency, as leading indicators remain weak and the supply side is still sleeping.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Steady slide in India’s PMIs continues, despite the November pop in services
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The general downtrend in India’s PMIs is still very much in play, de spite the November services pop.
- Hiring is supposedly going gangbusters, based on the PMI, but the hard data still tell a different story.
- Indonesia is pushing ahead with a VAT hike to 12% in January; the last rise in 2022 is uninformative.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Bank Indonesia paused rate cuts for a second straight month, keeping the BI rate at 6.00%.
- Governor Warjiyo cited concerns over the rupiah, in view of less-aggressive Fed cuts under Trump 2.0.
- We still see the BI rate falling to a terminal level of 4.75% by end-2025, with risks to the downside.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
Broad-based investment comeback drives Thailand’s market-beating Q3 GDP print
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: An overdue bounce in demand from India moves the export recovery forward.
Miguel Chanco (Chief EM Asia Economist)Global
An overdue bounce in demand from India moves Indonesia’s export recovery forward
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
