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.
In one line: Fall in electricity prices offset by higher prices at the petrol pump.
In one line: Falls short of consensus’ expectations, but morale still high.
In one line: Fall in electricity prices offset by higher prices at the petrol pump.
- German electricity prices fell only modestly in January, and petrol prices jumped.
- Low German gas inventories point to upside inflation risk, but also make sense given a shift to LNG supply.
- ZEW investor expectations fell in February but remain close to a cyclical high.
- The Swiss economy eked out growth of 0.2% in Q4 after shrinking in Q3. Q1 looks set to be better.
- EZ industry had a challenging December, and surveys point to downside risk in early Q1.
- We think it is only a matter of time before EU leaders get serious about joint borrowing for defence.
In one line: Disappointing; PMI points to downside risks for early-Q1.
In one line: Better than we thought; growth will pick up in Q1.
In one line: Decent growth confirmed, but risks tilted towards a downward revision in the third estimate.
In one line: Inflation holds steady; SNB will stand pat even if inflation falls below zero for a few months.
- Headline inflation in Switzerland held at 0.1%, as imported deflation eased despite a stronger CHF…
- …Regardless, the SNB will not turn to negative rates and may intervene in FX markets instead.
- Decent Q4 GDP growth in the EZ was confirmed, but risks are tilted towards a downward revision.
- EZ construction output jumped in December, partially offsetting the fall in industrial production.
- Adverse weather conditions in Germany point to a sharp drop in construction output in January.
- But leading indicators suggest EZ construction is turning a corner, pointing to a growth boost in 2026.
In one line: Decline in December was not as bad as in the rest of the big four.
- Deflation in EZ and German energy producer prices points to a rebound in energy-intensive industry.
- The leap in the EZ manufacturing input price PMI signals a rebound in core EZ PPI inflation.
- EZ industrial production likely suffered its steepest monthly fall in more than two years in December.
- We retain a steepening bias in our forecast for short-term interest rates, less so in Bunds.
- The trend is your friend in EZ 10-year yield spreads, and we think it will remain so this year.
- Germany’s MDAX equity index will outperform further this year as the domestic economy recovers.
- The 2026 budget in France aims for a modest improvement in the deficit, to 5.0% of GDP.
- A slowdown in tax revenue is a key risk for French budget consolidation efforts this year…
- …monthly fiscal revenues were rising briskly as of Q4 25; markets will scrutinise these data closely in 2026.
In one line: Investors think a recovery is finally underway.
In one line: Year-end slump in Spanish industrial output.
In one line: Production stung by falling auto output, but still managed a decent Q4.
- German industrial production slides in December; Q4 GDP growth set to be revised lower.
- Defence spending has long been visible in German manufacturing data; it should accelerate in 2026.
- Spanish industry had a better Q4 than Q3 2025, but it is starting to lose steam.
In one line: Down in December, but Q4 was still better than Q3.
