Pantheon Publications

PM Datanote: US Personal Incomes & Spending / Michigan Consumer Survey

Soft September sets for stage for more consumer weakness in Q4.

PM Datanote: Inflation, Chile, November, 2025

• In one line: Inflation stays contained, supporting a rate cut this month.

EZ Datanote: Factory Orders, Germany, October 2025

In one line: Orders rise again, boosted by major orders.

EZ Datanote: Industrial Production, France & Spain, October 2025

In one line: Spanish industry outperforms its French counterpart early in Q4. 

Global Datanote: Reserve Bank of India Decision, December 2025

• In one line: Not buying 8%-plus growth either, but taking the chance before CPI mean-reverts.

PANTHEON EM ASIA DATA WRAP 5 December 2025

RBI not buying 8%-plus growth either, but taking the chance before CPI mean-reverts
Already-low food inflation in the Philippines continues to backslide

Global Datanote: GDP, Third Quarter, Brazil, 2025

• In one line: Growth almost stalls as industry steadies and agriculture rebounds.

PM Datanote: GDP, Third Quarter, Brazil, 2025

• In one line: Growth almost stalls as industry steadies and agriculture rebounds.

EZ Datanote: Retail Sales, Eurozone, October 2025

In one line: Not much of a start to Q4. 

Global Datanote: PMI, Switzerland, November 2025

• In one line: Swiss economy still struggling according to PMI.

EZ Datanote: PMI, Switzerland, November 2025

In one line: Swiss economy still struggling according to PMI.

EZ Datanote: Construction PMI, Eurozone, November 2025

In one line: Still very poor.

5 December 2025 LatAm Monitor Brazil's Q3 GDP stalls as tight financial conditions bite

Mining saved Brazil’s GDP from an outright fall, but weak consumption highlights the fragile backdrop…

…Services momentum is fading while industry is steady, reinforcing a commodity-heavy growth profile.

Consumption is improving, but persistent capex weakness keeps Mexico’s recovery on rocky ground.

5 December 2025 UK Monitor Collapsing jobs but stubborn inflation mean a cautious rate cut

• Collapsing job growth in the November DMP survey leaves a December rate cut nailed on.
• But the DMP was sampled at the height of Budget chaos so will likely improve in December.
• The DMP shows wage and price disinflation is over for now, so the MPC will still have to be cautious.

5 December 2025 Eurozone Monitor Recent days' data a mixed bag, but we maintain a positive view

• The EZ composite PMI was revised up in November, pointing to stronger growth in Q4...
• ...But early hard data for October are weak, and the PMI points to softness in construction.
• Switzerland’s PMIs suggest recession risk remains despite the US-Swiss trade deal.

5 December 2025 US Monitor FOMC to lower inflation forecasts after September's PCE data

• We look for a 0.22% rise in the September core PCE deflator, which would keep the inflation rate at 2.9%...
• ...This will enable FOMC participants to lower their Q4 forecast, clearing the path for easing policy again.
• Initial claims plunged because seasonal adjustment has gone amiss; labor market slack is still rising.

5 December 2025 China+ Monitor Weak demand keeps Chinese manufacturers' profits from recovering

• China’s industrial-profit recovery stalled in October after emerging from the trough in the summer.
• The deterioration was broad-based, but the slowdown was led primarily by weakness in manufacturing.
• Two of the three industrial-profit drivers worsened, and feeble demand failed to create more revenue.

PM Datanote: US Industrial Production, September 2025

Going nowhere fast.