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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Duncan Wrigley
In one line: Caixin PMI concurs with official index in showing manufacturing activity rebound
Duncan WrigleyGlobal
China's Caixin PMI, Korea's PMI and Japan's Tankan point to manufacturers' measured relief at easing trade tensions
Duncan WrigleyChina+
- 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.
Duncan WrigleyChina+
In one line: Manufacturing activity index rises thanks to eased tariff tensions and domestic policy support
Duncan WrigleyGlobal
China's Official PMIs point to improving manufacturing and construction activity, but weak jobs market
Duncan WrigleyChina+
In one line: Tokyo inflation cools, thanks to restart of energy subsidies
Duncan WrigleyGlobal
Tokyo inflation cools thanks to energy subsidies restart
China's industrial profits hit by slower investment income and weak demand
Duncan WrigleyChina+
- The fall in Tokyo inflation in June was largely due to energy subsidies kicking in again.
- The BoJ will probably stay put on interest rates, given sluggish growth and trade risks...
- ...Assuming oil prices are reasonably well behaved; markets appear sanguine about geopolitical risk.
Duncan WrigleyChina+
- 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.
Duncan WrigleyChina+
- Japan’s headline national consumer inflation inched down in May, with energy inflation cooling.
- The new rice distribution system is star ting to yield results, but rice prices are still double the target range.
- The BoJ is likely to sit tight on interest rates this year, given the impact of higher US tariffs.
Duncan WrigleyChina+
Japanese exports fall as US tariff hikes slam auto shipments
Duncan WrigleyChina+
Japanese exports fall as US tariff hikes slam auto shipments
Duncan WrigleyChina+
- 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.
Duncan WrigleyChina+
China's investment and industrial output data point to slowing growth, despite the bright retail sales reading
Duncan WrigleyChina+
- China’s solid retail sales figure for May was boosted by earlier online retail sales and subsidy policies.
- Manufacturing and infrastructure investment growth are slowing; expect the policy banks to step up soon.
- Policymakers are likely to opt for a mid-year top-up and refinement of targeted support; no big stimulus.
Duncan WrigleyChina+
- China’s May steady broad credit growth was based mainly on strong government bond issuance, again.
- Private sector credit demand still dull; the M1 uptick isn’t meaningful and will probably reverse in June.
- The financial system is absorbing rapid government bond issuance with no sign of strain; PBoC has tools.
Duncan WrigleyChina+
- China faces a long-term demographic headwind, as its workforce declines and population ages...
- ...but also an opportunity to shift 20% of the workforce into jobs with productivity three times higher.
- Growth potential will still be substantial after the structural adjustment; plus AI is a wild card.
Duncan WrigleyChina+
- China’s intensifying producer deflation in May reflects soft energy prices, rather than any direct tariff impact.
- Lacklustre core consumer inflation is indicative of still- sluggish domestic demand.
- Policymakers are likely to stick with targeted support, as they gradually implement demand-side reforms.
Duncan WrigleyChina+
Producer deflation slammed by weakening international energy prices, weather-hit construction activity
Duncan WrigleyChina+
China's CPI still in mild deflation, while producer deflation worsens due to weak global oil prices
Duncan WrigleyChina+
