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Eurozone Publications

Below is a list of our Eurozone Publications for the last 5 months. If you are looking for reports older than 5 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.

Chartbook Datanotes Weekly Monitor

7 May 2025 Eurozone Monitor Swiss inflation falls to zero; SNB will cut its key policy rate below 0%

  • Swiss inflation fell to a lower-than-expected zero in April, with a knock-on effect on our forecasts…
  • ...We now see deflation until mid-2026; the SNB will cut its policy rate below zero in June in response. 
  • We look for a 50bp rate cut at the next meeting, taking the key policy rate to -0.25%.

6 May 2025 Eurozone Monitor Soft headline inflation will pave the way for a 1.75% depo-rate by July

  • Jump in April core inflation was due to Easter effects in services; the remaining components were soft.
  • Dovish forecasts from the ECB will pave the way for for a back-to-back 25bp rate cut next month…
  • …and we now look for an additional 25bp cut in July, but also hikes next year, in June and September.

EZ Datanote: Advance Inflation, Eurozone, April 2025 & Unemployment, Eurozone, March 2025

In one line: Inflation held steady, but declines are coming; we are adding a July ECB rate cut. 

EZ Datanote: Advance GDP, EZ, Q1 2025

In one line: GDP growth pick up in Q1 will prove short-lived as trade uncertainty hits. 

EZ Datanote: State CPIs & Unemployment, Germany, April/March 2025

In one line: Germany CPI looks softer than we anticipated, but core inflation rose. 

EZ Datanote: Advance GDP, France, Q1 2025

In one line: Barely growing, and trade uncertainty could well keep it that way in 2025. 

EZ Datanote: ESI, EZ, April 2025

In one line: Down but pointing to higher inflation expectations.

EZ Datanote: ISTAT Confidence, Italy, April 2025

In one line: Business sentiment sours on pessimism in services.  

EZ Datanote: Money Supply & ECB Inflation Expectations, March 2025

In one line: EZ inflation expectations jumped on the eve of the tariff shock. 

EZ Datanote: Advance GDP, Spain, Q1 2025 & Advance Inflation, Spain, April 2025

In one line: Growth slowed but remained solid; Inflation comes in below expectations.

April 2025 - EZ Economic Chartbook

UNCERTAINTY OVER GLOBAL TRADE WILL WEIGH ON GROWTH...

  • ...A SHORT TECHNICAL RECESSION IN H2 IS NOW OUR BASELINE

EZ Datanote: Retail Sales, Spain, March 2025

In one line: In line with our view that consumer spending growth is now slowing.

EZ Datanote: INSEE Business Confidence, France, April

In one line: French industry intends to make hay while the sun is still shining.

28 April 2025 Eurozone Monitor Robust inflation and growth data to lift EZ bond yields this week

  • Our forecasts for Q1 GDP and the April HICP imply upside risk for ECB rate expectations this week.
  • Robust national business surveys point to upside risk to our Q2 forecasts for GDP in Germany and France.
  • Tariff front-running seems to be just what the doctor ordered for manufacturing in France.

EZ Datanote: IFO, Germany, April 2025

In one line: Lifted by tariff front-running, still pointing to downside risks to growth. 

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Keywords for: Eurozone Documents

independent macro research, Eurozone Document Vault, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence,