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.
Please use the filters on the right to search for a specific date or topic.
- US - It’s much too early to make election-driven changes to macro forecasts
- EUROZONE - The ECB is less sure about a September rate cut than markets
- UK - Services inflation too strong for the MPC to cut rates in August
- CHINA+ - PBoC swings into action with early rate cuts to support growth
- EM ASIA - Malaysian 2024 GDP growth likely to beat government’s forecast
- LATAM - Mexico, Colombia: mixed inflation signals amid rate cut prospects
Ian Shepherdson (Chief Economist, Chairman and Founder)Global
- Q2 GDP likely rose at a faster rate than in Q1 but well below the rapid growth seen in 2023.
- A further slowdown lies ahead, as high interest rates bite harder and the personal saving rate normalizes.
- The earlier release of advance trade and inventories data should make GDP forecasts more accurate.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- Latin American trade balances have improved amid currency weakness and commodity-price rebounds.
- Brazil, Chile, Peru and Argentina are posting trade surpluses; deficits narrow in Colombia and Mexico.
- Regional economic stabilisation efforts are leading to results in external trade accounts, but risks remain.
Andrés Abadía (Chief LatAm Economist)Latin America
- Headline inflation in Singapore fell sharply in June, mainly benefiting from lower COE prices...
- ...But the stickiness of core inflation should keep the MAS from loosening policy for the rest of 2024.
- Taiwanese retail sales growth picked up in June, but weak real wage growth is clouding the H2 outlook.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- Q2 GDP data due next week will likely show a repeat of the Q1 figures in Germany, Italy and Spain…
- ...while GDP growth in France has probably doubled, to 0.4%, as services spending rocketed.
- So, we now think EZ GDP rose by 0.4% on the quarter, after 0.3% in Q1, 0.1pp higher than previously.
Melanie Debono (Senior Eurozone Economist)Eurozone
- The wide current account deficit reflects elevated fuel import costs and weak investment income.
- Neither factor is likely to improve in the near future, so we expect the large current account deficit to persist.
- That will hold sterling back, as will the weakest international investment position in 37 years.
Rob Wood (Chief UK Economist)UK
MALAYSIA'S AND VIETNAM’S ‘HOT’ Q2 IN CONTEXT
- …FOOD PRICE PRESSURES IN INDIA ARE REBUILDING; UGH
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- All bets are off for November, so it makes little sense to change macro forecasts at this point.
- The further fall in pending home sales in May points to a steep decline in existing home sales in June.
- We expect a weaker labor market and ongoing lack of supply to mean sales remain subdued for some time.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- The Mexican economy sent positive signals in May amid domestic political uncertainty and global risk.
- The service and construction sectors drove May’s growth; retail sales reflect an economic deterioration.
- Election-linked fiscal stimulus will wane; high rates and political risk are clouding the economic outlook.
Andrés Abadía (Chief LatAm Economist)Latin America
- The PBoC yesterday took markets by surprise with a 10bp policy rate cut to support the economy.
- Policymakers are prioritising growth support after the disappointing Q2 GDP outturn.
- President Xi’s comments confirm the ‘advanced manufacturing first’ reform strategy.
Duncan WrigleyChina+
- We’re flying half-blind on Q2 GDP data in Germany, but we’re lifting our forecasts slightly, all the same.
- Construction investment was a drag on growth in Q2, but consumers’ spending likely rebounded.
- Our forecasts for Germany for the rest of 2024 see domestic demand now rebounding.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- Chancellor Rachel Reeves hinted she would accept 5.5% public-sector pay rises this year.
- We also expect Ms. Reeves to raise government borrowing by £22B in 2029/30 in the Autumn Statement.
- Higher public-sector pay rises than expected will have only a minor effect on the interest rate outlook.
Rob Wood (Chief UK Economist)UK
In one line: The headline should soon fall; foreign demand for EZ assets remain strong.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- In one line:Unrealistic spending plans mean the next government will borrow more and raise taxes.
Rob Wood (Chief UK Economist)UK
- In one line:Colder weather deters shoppers but overall GDP will still jump in Q2.
Rob Wood (Chief UK Economist)UK
- In one line: Imminent interest rate cuts boost consumers’ confidence.
Rob Wood (Chief UK Economist)UK
- Interest rate rules monitored by the FOMC suggest rates should already have been reduced to 4%.
- Policy rules are sensitive to the assumed neutral rate, but also to unemployment, which will rise further.
- The latest readings for a raft of leading indicators suggest that lower housing inflation is here to stay.
Ian Shepherdson (Chief Economist, Chairman and Founder)US
- Colombia’s and Argentina’s economies are recovering, amid persistent challenges and uncertainty.
- Agriculture is driving economic growth in Colombia, but construction and commerce are struggling.
- Fiscal consolidation has improved Argentina’s balance sheet but raises concerns about social impact.
Andrés Abadía (Chief LatAm Economist)Latin America
- Malaysia’s advance GDP growth print for Q2 was much stronger than consensus, at 5.8%...
- ... As construction activity picked up and stronger external demand boosted manufacturing growth.
- We still see GDP growth in 2024 at 5.2%, higher than the government’s forecast of 4-to -5%.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia