Pantheon Publications

EZ Datanote: Factory Orders, Germany, October 2025

In one line: Orders rise again, boosted by major orders.

EZ Datanote: Industrial Production, France & Spain, October 2025

In one line: Spanish industry outperforms its French counterpart early in Q4. 

EZ Datanote: Retail Sales, Eurozone, October 2025

In one line: Not much of a start to Q4. 

Global Datanote: PMI, Switzerland, November 2025

• In one line: Swiss economy still struggling according to PMI.

EZ Datanote: PMI, Switzerland, November 2025

In one line: Swiss economy still struggling according to PMI.

EZ Datanote: Construction PMI, Eurozone, November 2025

In one line: Still very poor.

5 December 2025 Eurozone Monitor Recent days' data a mixed bag, but we maintain a positive view

• The EZ composite PMI was revised up in November, pointing to stronger growth in Q4...
• ...But early hard data for October are weak, and the PMI points to softness in construction.
• Switzerland’s PMIs suggest recession risk remains despite the US-Swiss trade deal.

4 December 2025 Eurozone Monitor SNB to stand pat next week despite fall in inflation

• Swiss inflation is now at the bottom end of the SNB’s 0-to-2% inflation target range.
•  It will likely fall further in the near term, to a trough of -0.2% or so, before rising gradually.
• The SNB will ignore sub-zero inflation; it is focused on inflation in the medium term. SNB easing is over.