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.
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Daily Monitor Duncan Wrigley
- China's August producer deflation improved, led by steel and coal, likely due to reviving building demand.
- Anti-price-war policies are likely to have more effect in traditional sectors than in high-tech ones.
- Core consumer inflation is weak but gradually rising, indicative of the slow repair in domestic demand.
- The August RatingDog services PMI flashed a warning signal about job losses, despite strong activity.
- A court ruling on mandatory social security payments is the likely culprit, leading firms to trim workers.
- Local governments probably won't fully enforce the rule, but the uncertainty created is hitting jobs already.
- China's August PMIs diverged, with RatingDog pointing to a soft recovery from the tariff shock...
- ...but the weak official manufacturing gauge indicates sluggish domestic demand, though pricing improved.
- Services activity rose, on the back of stock-market trading and tourism, but construction is on the rocks.
- The BoK left the policy rate unchanged yesterday, citing household-debt worries.
- The Bank is probably also seeking to avoid upsetting the US with a rate cut which could weaken the KRW.
- A likely government housing-supply plan and Fed rate cut in September should allow a BoK rate cut in Q4.
- Tier-one cities are leading another round of targeted residential property market easing in China.
- The goal is stabilisation, however, rather than returning to solid growth, so expect an L-shaped recovery.
- Industrial profits barely improved in July amid excess supply; manufacturing profits are rising though.
- The PBoC on Monday gave no hint of imminent easing, despite July’s underwhelming activity data.
- China is likely to go slow on further policy support, so it has options if trade talks with the US hit a wall.
- The property market is worsening again, putting developer finances under pressure.
- China’s broad credit growth edged up in July, only thanks to rapid government-bond issuance.
- Credit demand elsewhere appears lacklustre, with net long-term corporate loan repayments.
- Subsidies for consumer and services firm loans are helpful but unlikely to be a game-changer.
- China’s consumer sentiment is near historic lows, weighed down by property- and job-market worries.
- Employment sentiment is nearly as feeble as at the global financial crisis low point.
- More people expect broad inflation than deflation, which is largely confined to producer prices.
- The BoJ yesterday kept the policy rate on hold at 0.5%, as widely expected.
- The Bank remains cautious about the growth outlook, despite the US-Japan trade deal.
- The BoJ did raise its inflation forecast though, because of food inflation.
- H1 went quite well, all things considered, but China still wants to project a strong image to the world.
- China’s new residential sales weakened further in the first four weeks of July.
- The new child-rearing subsidies are a step in the right direction, but small by international standards.
- Deputy Governor Uchida said on Wednesday that the US-Japan tariff deal reduces uncertainty...
- ...hinting that the BoJ will revise up its growth and inflation outlook next week.
- The July composite flash PMI was steady, though services and manufacturing activity diverged.
- We are raising our growth and inflation forecasts for Japan, after yesterday’s relatively benign trade deal.
- The BoJ is likely to resume rate hikes in October, as it forms an initial view on the 2026 wage outlook.
- USDJPY is likely to strengthen moderately; but political risk was evident in the 40-year JGB auction yesterday.
- .China’s Q2 real GDP growth weathered the tariff war, as exports to non-US markets picked up…
- …But nominal GDP growth was the lowest since Q4 2022, as deflation steepened.
- Consumption is likely to remain sluggish, with wage growth slowing in Q2.
- China’s broad credit growth rose in June, but mainly thanks to government-bond issuance.
- The rise in corporate borrowing is distorted by the local-government debt swap; it’s likely still sluggish.
- M1 jump is hopeful but may prove a blip given the lack of supporting data elsewhere pointing to an upturn.
- China’s producer deflation is entrenched, but the worsening in June was due to temporary factors.
- Auto prices rose, after firms pledged faster supplier payments; other sectors are making supply policies.
- Weak core consumer inflation is indicative of poor demand; all eyes on the end-month Politburo meeting.
- Japan’s wages took a big knock from a bonus plunge in May, as exporters’ profits were hurt by the tariff war.
- The headline large-manufacturer Tankan was oddly steady in Q2, despite the tariff war.
- Consumption still looks soft, despite one-off factors boosting May’s household spending data.
- The Caixin PMI rebounded more strongly than the official manufacturing index in June…
- …Deflation pressures are festering, however, likely forcing regulatory curbs on excessive competition.
- Korea’s manufacturing PMI is starting to rise from its sickbed, now the election has reduced political risk.
- The PBoC on Friday hinted it saw less need for a near- term monetary policy boost than three months ago.
- The June official manufacturing PMI improved, thanks to policy support and an easing in tariff tensions.
- The construction PMI ticked up at last, but it’s too soon to celebrate; the hard data pointed to slowing.
- Japan’s June headline flash manufacturing index was lifted by output, but demand remained subdued.
- Cost pressures are easing only slowly, with global oil prices a key risk.
- The service sector continues to be bolstered by tourism, notably surging Chinese visitor numbers.
- Japan’s exports fell in May for the first time since September, hit by US tariff hikes.
- Still, exports held up better than the market expected, as exporters cut prices and shipments to the EU rose.
- The bond market faces risks from July’s upper house election, despite the BoJ’s supportive policy tweak.
