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.
Duncan Wrigley
- Revised data confirm Japan’s weak Q1 GDP performance, especially private consumption.
- The biggest short-term growth risk is the auto safety-test fiasco, encompassing five more firms.
- China’s May foreign reserves rebounded thanks to currency valuation effects and a larger trade surplus.
Duncan WrigleyChina+
Japan's revised Q1 GDP still points to miserable domestic demand
Duncan WrigleyChina+
China's robust May export growth largely propelled by shipments to ASEAN
Duncan WrigleyChina+
- China’s exports picked up the pace a notch in May, mainly thanks to stronger trade with ASEAN.
- High-tech exports, such as cars and electronics, are outperforming fading trade in traditional goods.
- A modest recovery in global demand should help China’s growth this year, despite protectionist risks.
Duncan WrigleyChina+
- The May Caixin services activity index hit its highest level for almost a year, thanks to holiday spending.
- Consumers are mostly opting for cheaper products, but this is starting to change as the recovery firms.
- Restrained services inflation is likely to continue, given the cautious optimism about future demand.
Duncan WrigleyChina+
- China’s May manufacturing PMIs sent mixed signals, reflecting the uneven recovery.
- Production continues to power ahead of demand, which 60% of manufacturers view as “insufficient”.
- Stimulus funds have yet to boost construction, but steelmakers are optimistic about the year ahead.
Duncan WrigleyChina+
- - CHINA GETS SERIOUS ABOUT PROPERTY SECTOR SUPPORT
- - BOJ CAUGHT BETWEEN A ROCK AND A HARD PLACE
- - BOK LIKELY TO DELAY RATE RISE AMID EXPORT BOOM
Duncan WrigleyChina+
Caixin Manufacturing PMI, China, May
Duncan WrigleyChina+
China's Caixin PMI rises, thanks to robust consumer goods output
Korean manufacturing PMI hits a two-year high
Duncan WrigleyChina+
- China’s new property-market measures aim to stabilise the sector, rather than return to the boom times.
- The focus on housing-inventory reduction is the right direction, but the funding so far is too small.
- First-tier cities will probably bottom out first, but overall a drawn-out rebound is still on the cards.
Duncan WrigleyChina+
- Japan’s consumer inflation continued to slow in April, with a notable cooling in food inflation.
- The phased removal of energy subsidies, then higher import costs, will lift inflation in the rest of the year.
- Japan is still far from seeing sustained inflation based on consumption growth; no rate hike until Q4.
Duncan WrigleyChina+
Japan’s consumer inflation still cooling, as the BoJ monitors wage inflation and the impact of the weak JPY
Duncan WrigleyChina+
Japan's exports maintain steady growth, led by cars and chips
Duncan WrigleyChina+
- Policymakers on Friday announced a raft of property support measures aimed at tackling oversupply...
- ...But the funding allocated to buy up unsold housing inventory is just the start, and more will be needed.
- In April, second-hand housing prices plunged at their steepest rate since September 2014.
Duncan WrigleyChina+
China activity - retail sales slow as industrial output rebounds; likely major property policy announcement due today
Duncan WrigleyChina+
- China’s April retail sales were hit by falling auto sales; the trade -in incentives should provide support.
- Industrial output regained its vim in April, led by high-tech manufacturing.
- Renewed government-bond issuance should restore infrastructure investment growth, after the April dip.
Duncan WrigleyChina+
The PBoC leaves the MLF rate unchanged, despite the April credit data dip
Duncan WrigleyChina+
The PBoC leaves the MLF rate unchanged, despite the April credit data dip
Duncan WrigleyChina+
- China’s Ministry of Finance yesterday announced ultra-long special-bond issuance will start on Friday.
- April’s credit data hit a wall, due to government-bond and bankers’ acceptances repayments .
- Rising government-bond issuance should lift bond yields and credit growth from May onwards.
Duncan WrigleyChina+
China's big money and credit misses reflect fund diversion and slow government bond issuance, rather than shifts in underlying credit demand
Duncan WrigleyChina+
