Pantheon Macroeconomics

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Pantheon Publications

Below is a list of our Publications for the last 5 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.

Melanie Debono (Senior Eurozone Economist)

4 November 2025 Eurozone Monitor Sub-zero Swiss inflation the name of the game until H2 2026

  • Swiss inflation eased to within touching distance of 0%, the bottom of the SNB’s inflation target range. 
  • We look for further declines, in contrast to the SNB’s forecast for inflation to rise. 
  • Still, the SNB will hold off from further easing this year and probably also next year.

EZ Datanote: PMI, Switzerland, October 2025

In one line:  In line with our view of Swiss economic weakness.

Global Datanote: PMIs, Switzerland, October 2025

  • In one line: In line with our view of Swiss economic weakness.

EZ Datanote: Advance GDP, Italy, Q3 2025

In one line: Not much of a rebound but faster growth is on the way.

EZ Datanote: ECB BLS, EZ, Q3 2025

In one line: Lending standards tightened again, but demand for loans is still rising, just.

EZ Datanote: ISTAT Business Confidence & ECB CES, Oct/Sep 2025

In one line: Italian GDP growth will pick up in Q4; Inflation expectations stabilising at a high level.

29 October 2025 Eurozone Monitor BLS remains weak, but surveys point to strength in Italy in early Q4

  • The ECB BLS showed banks tightened lending standards in Q3, boding ill for capex and spending… 
  • ...But these downbeat messages can safely be ignored, given other survey data. 
  • The first business survey for Italy for October suggests growth there is picking up, as in Germany.

EZ Datanote: Money Supply, EZ, Sep 2025

In one line: Still pointing to decent growth alongside credit figures

28 October 2025 Eurozone Monitor More data to suggest underlying resilience in the EZ economy

  • Lending to the private sector is slowing at the margin but underlying momentum remains solid… 
  • ...Our measure of the credit impulse points to EZ GDP growth of around 0.5% q/q in Q4. 
  • Germany’s IFO survey adds to the message from the PMI that a rebound there will lead the way in Q4.

EZ Datanote: Flash PMIs, EZ, October 2025

In one line: Driven higher by pick up in German activity. 

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Keywords for: Publications

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence