Pantheon Publications

12 June 2026 China+ Monitor Chinese satellite data point to persistent softness in May activity

• Chinese satellite imagery concurs with April’s activity slump, with urban luminosity falling on an annual basis.
• May’s activity data are likely to stay weak, weighed down by soft domestic demand, though better than April.
• Fiscal deposit deployment may support May’s FAI, while spending faces payback effects from trade-in policies.

CHINA+ DATA WRAP 8 June 2026: Strong trade surplus likely offsets valuation drag on China's FX reserves

In one line: Strong trade surplus likely offsets valuation drag on China’s FX reserves

CN Datanote: RatingDog Services and Composite PMIs, China, May

In one line: China’s RatingDog composite PMI signals faster Q2 GDP growth; services PMI lifted by holiday demand

CN Datanote: Whole Economy PMI, Hong Kong, May

In one line: Hong Kong PMI partially recovers on Golden Week tourism demand and construction.

CN Datanote: Exports, Korea, May

In one line: Korea’s WDA export growth accelerates further on rising chip demand. 

CN Datanote: RatingDog Manufacturing PMI, China, May

In one line: China’s RatingDog PMI reinforces NBS evidence of softer industrial production and export growth in May

CN Datanote: Manufacturing PMI, Korea, May

In one line: Korea’s manufacturing activity hit a 5 year high on precautionary stock-building

CN Datanote: Official NBS Non-Manufacturing PMI, China, May

In one line: Holiday services demand lifts China's non-manufacturing activity, while construction activity recovers slightly

CN Datanote: Official NBS Manufacturing PMI, China, May

In one line: China’s official PMI weighed down by May holiday disruption and payback from March’s overshoot.

4 June 2026 China+ Monitor China tightens oversight of outbound investment and capital flows

• The outbound investment crackdown goes beyond brokers, foreshadowing greater economic control.
• Investors should be aware of the potential implications for assets from such measures in China‘s policy agenda.
• Hong Kong’s PMI partially recovered in May, thanks to Golden Week holiday demand as well as construction.

May 2026 - China+ Chartbook

CHINA+ OUTLOOK

• - CHINA'S Q2 WEAK START ONLY PARTLY DUE TO IRAN WAR
• - BOJ LIKELY TO RESUME POLICY NORMALISATION IN JUNE
• - NEW BOK GOVERNOR LIKELY TO SET HAWKISH TONE

28 May 2026 China+ Monitor China Inc. profit recovery firms up on reflation and upstream sector

• Industrial profits accelerated in April, supported by PPI reflation and better margins in the upstream sector.
• Gains were uneven, skewed towards energy and high-tech sectors, but broader momentum is improving.
• Profit growth will likely ease later this year as external demand softens and energy-price support fades.

CN Datanote: Exports, Japan, April

In one line: Japan’s export growth accelerates on rising legacy chip prices

CN Datanote: 20-Day Exports, Korea, May

In one line: Korea’s chip export boom masks the underlying K-shaped recovery

CN Datanote: Flash Services PMI Japan, May

In one line: Japan's services activity stalls in May, likely hit by slowing inbound tourism

CN Datanote: Flash Manufacturing PMI, Japan, May

In one line: Japan’s manufacturing expansion slows in May, but precautionary front-loading continues

CN Datanote: GDP, Japan, Q1

In one line: Japan’s Q1 GDP beats expectations, but extended Strait closure complicates BoJ tightening

21 May 2026 China+ Monitor Xi-Trump summit ends with warm optics, but strategic rivalry still intact

• President Trump’s visit to China achieved no major breakthroughs, but strategic dialogue will continue…
•  …Underwhelming business deals were signed, while no decisions were made on extending the trade truce.
• Japan’s Q1 GDP surprised to the upside, but Hormuz risks complicate the BoJ’s rate-hike decision in June.

14 May 2026 China+ Monitor What to expect from high-stakes Xi-Trump summit in Beijing

• The Xi-Trump summit is likely to be about optics and relationship building with no major policy breakthrough.
• China enters the talks with stronger leverage, as its trade exposure to US demand has declined sharply.
• Markets should monitor Phase Three trade talks, any Boeing deals, Iran war coordination, Taiwan arms sales.

CN Datanote: Exports, China, March

In one line: China trade surplus hit by soft exports and hi-tech driven imports