Pantheon Publications

PM Datanote:Industrial Profits, China, March

In one line: Hi-tech and energy-related upstream sectors drive Chinese industrial profit growth higher in Q1

PM Datanote: National CPI, Japan, March

In one line: Japan National CPI firms on core goods and fading energy drag; BoJ likely to delay hike next week.

PM Datanote: Flash PMIs, Japan, April

In one line: Japan manufacturing boosted by precautionary front-loading amid supply shocks while services slow

PM Datanote: Exports, Japan, March

In one line: Japan exports rebound in March on post-LNY China demand; BoJ hike likely delayed to June after media leak

PM Datanote: 20-Day Exports, Korea, April

In one line: Korea exports still strong in early April, led by semiconductors.

PM Datanote: Loan Prime Rates, China, April

In one line: China’s LPR steady in April amid NIM pressure

28 April 2026 China+ Monitor Q1 industrial profits extend strong gains, led by high-tech and energy

• China’s industrial profits rose in Q1 on lower costs and higher revenues from precautionary front-loading.
• Producer reflation supported the rise, but was more evident in metals and upstream energy sectors.
• Profit growth will face pressure from war-related costs, fading front-loading and weak domestic demand.

April 2025 - China+ Chartbook

• - CHINA'S Q1 GROWTH SPURT COULD BE HIGH-WATER MARK
• - BOJ WILL LIKELY HOLD POLICY RATE AT APRIL'S MEETING
• - KOREA'S CHIP EXPORT RISE OFFSETS OIL IMPORT BILL

27 April 2026 China+ Monitor War tilts leverage towards China ahead of Xi-Trump summit in May

• President Trump’s mid-May Beijing visit faces risk of another delay amid persistent Middle East tensions.
• China’s relative insulation from the war has supported Beijing’s position in discussing trade terms with the US.
• Japan’s manufacturing is boosted by precautionary front-loading amid supply shocks, while services slow.

21 April 2026 China+ Monitor China rates steady on NIM pressure; ample liquidity cushioning growth

• China’s LPRs and de-facto policy rate were unchanged in April, amid pressure on banks’ margins.
• Banks started a new round of deposit-rate cuts, given the liquidity glut in the system from weak loan demand.
• The MoF is offering ultra-long special bonds at record levels, taking advantage of the risk-averse mood.

16 April 2026 China+ Monitor China's trade surplus squeezed by tech-led import surge

• China’s trade surplus narrowed sharply in March, as import strength outpaced exports, hit by payback.
• The import surge was led by high-tech items, with price effects outweighing geopolitical energy dynamics.
• Exports were distorted by LNY effects, but underlying momentum was notably weaker for the Global South.

9 April 2026 China+ Monitor Iran war hits China via trade channel, but with limited impact

• China has ramped up energy production from alternative sources in the wake of the Iran war.
• China has seen limited trade spillover; East Asian PMIs show a common theme of higher oil-driven input costs.
• Hong Kong’s PMI plunged on war uncertainty, with price pressures yet to feed through. 

March 2026 - China+ Chartbook

CHINA+ OUTLOOK
- CHINA RELATIVELY INSULATED FROM OIL-PRICE SPIKE
- BOJ WOULD HIKE EARLY IN A $150/BL OIL SCENARIO
- KOREA'S CHIP EXPORT RISE OFFSETS OIL IMPORT BILL

PM Datanote: BoK Decision, Korea, February

In one line: Bank of Korea hold rates at 2.50%; Adding Fed-style dot plot to anchor market expectations, signals six months hold

PM Datanote: 20-Day Exports, Korea, February

In one line: Korea’s 20-day exports surge in February on semiconductors, despite fewer working days, as DRAM prices soar in Q1

PM Datanote: Exports, Japan, January

In one line: Japan exports spike on Lunar New Year boost, strong momentum unlikely to last.

10 March 2026 China+ Monitor China's low inflation cushions against energy-price shock

• China’s consumer inflation in January-February, at 0.8%, was in line with the previous two months.
• Low inflation and sluggish domestic demand leave ample room to absorb an energy-price surge. 
• Producer inflation continued to improve in February, thanks to oil and non-ferrous metals prices. 

PM Datanote: Preliminary GDP, Japan, Q4

In one line: Japan’s softer than expected GDP outturn reinforces our case for a later than market rate hike.

PM Datanote: Current Account, China, Q4 (Preliminary)

In one line: China’s Q4 current account surplus surges on strong goods exports 

CHINA+ DATA WRAP 11 February 2026: China's PPI reflation remains patchy; CPI falls back on Lunar New Year timing

China's PPI reflation remains patchy; CPI falls back on Lunar New Year timing