Pantheon Publications

China+ Datanote: Exports, China, May

In one line: China's monthly exports rebounded in May, thanks to tariff reprieve.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Foreign Reserves, China, May

In one line: China’s FX reserves rise modestly as bond revaluation offsets inflows

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Caixin Services PMI, China, May

In one line : China's services activity ticks up, but deflationary pressure still lurking in the background.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Wages, Japan, April

In one line : Japanese inflation continues to outpace labour earnings; BoJ likely to hold rates in June.

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Official Manufacturing PMI, China, May

In one line: China's manufacturing activity shrinks at a slower pace in May due to US tariff reprieve

Kelvin Lam (Senior China+ Economist)Global

Global Datanote: Tokyo CPI, Japan, May

In one line: Japan's core CPI surprise points to continued squeeze on real wages

Kelvin Lam (Senior China+ Economist)Global

Global Datanote: Bank of Korea Decision, Korea, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: Official Non-Manufacturing PMI, China, May

In one line: Golden Week boosts May's services activity in China, but overall non-manufacturing weighed down by weak resi-construction

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Official Manufacturing PMI, China, May

In one line: China's manufacturing activity shrinks at a slower pace in May due to US tariff reprieve

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Tokyo CPI, Japan, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Bank of Korea Decision, Korea, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Industrial Profits, China, April

In one line: China’s April profit growth masks uneven recovery beneath; Trade uncertainty clouds outlook 

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Exports, Korea, May

In one line: Korea's exports set back less severe than expected, as tariff reprieve offers breathing space

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: Exports, Korea, May

In one line: Korea's exports set back less severe than expected, as tariff reprieve offers breathing space

Kelvin Lam (Senior China+ Economist)China+

3 June 2025 China+ Monitor Korea heads to the polls amid economic and trade uncertainty

• Both candidates in the presidential election have committed to a KRW30T fiscal plan to boost the economy.
• May’s export growth was not as weak as it appeared; WDA monthly and annual growth were positive.
• Still, tariff and trade-policy uncertainty will continue to weigh on Korea’s GDP growth in 2025.

Kelvin Lam (Senior China+ Economist)China+

30 May 2025 China+ Monitor BoK cuts rates and lowers GDP outlook amid external uncertainty

• The Bank of Korea cut rates to 2.50% in May; board members’ decision was unanimous.
• Weaker growth and lingering uncertainty over trade were likely the factors driving this month’s cut.
• The stronger KRW gave the BoK a window to ease, and a July Fed cut would allow another 25bp cut this year.

Kelvin Lam (Senior China+ Economist)China+

23 May 2025 China+ Monitor Japan's private-sector activity shrinks in May

• Japan’s composite PMI dipped below 50 in May, led by rapidly slowing services and a drop in manufacturing.
• That said, US importers rushed to order goods ahead of the tariff reprieve expiring, offsetting falls in output.
• The BoJ will hold rates as it assesses the outcome of negotiations and their impact on the economy.

Kelvin Lam (Senior China+ Economist)China+

May 2025 - China+ Chartbook

- CHINA MORE RESPONSIVE TO FALTERING GROWTH THIS YEAR
- JAPAN’S STUMBLING GROWTH A REASON FOR BOJ CAUTION
- BOK SET TO RESUME RATE CUTS IN MAY

Kelvin Lam (Senior China+ Economist)China+

22 May 2025 China+ Monitor Tariff war weighing on Korean and Japanese export growth

• Korea saw improvements in early trade data for May, with exports falling at a slower pace.
• Japan’s export growth in April was hit by US tariffs on foreign cars and steel products.
• The BoK will resume easing to offset tariff impacts; the BoJ will pause rate hikes and assess negotiations.

Kelvin Lam (Senior China+ Economist)China+

19 May 2025 China+ Monitor Japan's weak Q1 GDP print reinforces BoJ's decision to pause

• Japan’s GDP shrank more than the market expected in Q1, and for the first time in a year.
• Weak services exports were to blame; consumption was hit by fragile confidence and high inflation.
• The BoJ will hold rate s for the time being, as it mulls the outcome of talks and assesses its effects.

Kelvin Lam (Senior China+ Economist)China+