Pantheon Publications

EM Asia Datanote: CPI, India, May

• In one line: No signs yet of food disinflation stabilising.

Global Datanote: Reserve Bank of India Decision

• In one line: Front-loading most of this year’s remaining cuts.

PANTHEON EM ASIA DATA WRAP 6 June 2025

The RBI front-loads most of this year’s remaining cuts
Front-loading of Vietnamese exports to the US continues apace
Latest electricity-price hike nudges Vietnamese inflation up a touch
Vietnamese retail sales are having a torrid Q2
The resurgence in Philippine sales is topping out

UK Datanote: Bank of England Decision Maker Panel, May 2025

• In one line: DMP raises the chance of an August cut, but the survey will likely recover further in June.

UK Datanote: Construction PMI, May 2025

• In one line: Construction PMI should improve only slowly as sentiment remains weak.

UK Datanote: UK Car Registrations, May 2025

• In one line: Falling interest rates and a healthy consumer will support car registrations.

UK Datanote: UK Final Services and Composite PMI, May 2025

• In one line: Growth has been steady, if unspectacular, once we account for the PMI’s excess sensitivity to uncertainty.

EZ Datanote: Construction PMIs, Eurozone, May 2025

In one line: PMI still paints a picture of underlying weakness in construction. 

EZ Datanote: Factory Orders, Germany, April 2025

In one line: Surprisingly strong, but the details are volatile.

PANTHEON EM ASIA DATA WRAP 5 June 2025

All clear for another BSP cut this month

PM Datanote: US ISM Services Survey, May

We doubt services inflation will reaccelerate sharply.

PM Datanote: US ADP Employment, May

More noise than signal.

Global Datanote: Official Manufacturing PMI, China, May

In one line: China's manufacturing activity shrinks at a slower pace in May due to US tariff reprieve

Global Datanote: Tokyo CPI, Japan, May

In one line: Japan's core CPI surprise points to continued squeeze on real wages

Global Datanote: Bank of Korea Decision, Korea, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

China+ Datanote: Official Non-Manufacturing PMI, China, May

In one line: Golden Week boosts May's services activity in China, but overall non-manufacturing weighed down by weak resi-construction

China+ Datanote: Official Manufacturing PMI, China, May

In one line: China's manufacturing activity shrinks at a slower pace in May due to US tariff reprieve

China+ Datanote: Tokyo CPI, Japan, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

China+ Datanote: Bank of Korea Decision, Korea, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

China+ Datanote: Industrial Profits, China, April

In one line: China’s April profit growth masks uneven recovery beneath; Trade uncertainty clouds outlook