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)
In one line: Down, but big revision to the April data suggests Q2 was good.
In one line: Tariff front-running no more.
In one line: Expectations at a 41-month high.
- A 30% US tariff on EU exports would send the EZ economy into recession in the second half of 2025.
- Markets don’t believe Mr. Trump’s tariff threats, but a US-EU escalation cycle is still a big near-term risk.
- The ECB will hold fire in July unless it is absolutely certain a 30% tariff is coming over the summer.
In one line: Reversing most of April’s jump.
- A third of Swiss pharma exports go to the US; a 200% tariff could pull GDP down 4% at the extreme.
- Offsetting factors remain and, in the near term, tariff front-running poses upside risks to our forecasts.
- The maximum direct hit to EZ GDP of a 200% US tariff on pharma is 1%.
- Eurozone house prices rose at their fastest pace in four years in the first quarter…
- ...Advance national data suggest a slowdown in price growth in Q2, but we doubt it…
- ...Our new housing model points to an acceleration in house price growth this year and next.
In one line: Down sharply.
In one line: Another big increase, before the recent delay in tariff hikes.
- The looming deadline for the increase in “reciprocal” tariffs has been delayed again, now to August 1.
- The upside surprise in German industrial output in May points to a better EZ print than we expected.
- EZ services had a rough start to Q2, but surveys have improved and point to a better Q2 than Q1.
In one line: Another bleak construction PMI read.
In one line: Back above zero, but unlikely to stay there for long.
In one line: Back above zero, but unlikely to stay there for long.
- Headline inflation in Switzerland rose above zero in June, by 0.2pp to 0.1%.
- It will fall back again in July, to zero, where we expect it to hold steady until Q4.
- Our forecasts remain well below the SNB’s; another rate cut in September, to -0.25%, is still likely.
In one line: Up a touch because of an increase in Italy’s unemployment rate.
In one line: June’s increase will more than reverse in July.
In one line: June’s increase will more than reverse in July.
In one line: German unemployment rate won’t hold steady for much longer; inflation expectations likely to continue to fall.
In one line: Pointing to downside risks for GDP in Q2.
In one line: Pointing to downside risks for GDP in Q2.
