Pantheon Macroeconomics

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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.

Please use the filters on the right to search for a specific date or topic.

Kelvin Lam (Senior China+ Economist)

Global Datanote: Exports, China, June 2025

In one line: Better external sector performance likely to support Q2 GDP due tomorrow

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: Exports, China, June

In one line: Better external sector performance likely to support Q2 GDP due tomorrow.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: BoK Decision, Korea, July

In one line: BoK hold rates in July, keeping an eye on trade developments and overheating property market in Seoul.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: FX Reserves, China, June

In one line: China’s FX reserves rebounded in June on currency and bond revaluation gains.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Wages, Japan, May

In one line : Japanese wage growth is not as weak as it looks, the wage slump was mostly about bonuses.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Caixin Services PMI, China, June

In one line: China’s services momentum cools amid property drag and post-holiday blues; Caixin composite PMI signals softer Q2 GDP.

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Flash Manufacturing PMI, Japan, June

In one line: Japan's manufacturing PMI rebound on stockpiling activity, but domestic demand softens

Kelvin Lam (Senior China+ Economist)Global

Global Datanote: 20 Day Exports, Korea, June

In one line: Korea's 20-day exports rebound in June on front loading ahead of reprieve expiry

Kelvin Lam (Senior China+ Economist)Global

11 July 2025 China+ Monitor The BoK paused easing cycle in July due to financial stability worries

  • The BoK kept the policy rate unchanged in July, citing concerns over trade policy and Seoul’s housing market.
  • The MPB was torn, focusing its decision on trade- induced growth worries versus financial stability risk.
  • We expect the Bank to resume rate-cutting once apartment prices show signs of easing in Seoul.

Kelvin Lam (Senior China+ Economist)China+

4 July 2025 China+ Monitor Hong Kong dollar peg here to stay, despite talk of its demise

  • The HKMA intervened again on Wednesday to defend the currency peg, which has been in place since 1983.
  • The LERS is a double-edged sword: Hong Kong loses monetary policy freedom but gains stability.
  • Any talk of re-pegging the HKD is premature; China and HKSAR are not yet an Optimal Currency Area.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Flash Manufacturing PMI, Japan, June

In one line: Japan's manufacturing PMI rebound on stockpiling activity, but domestic demand softens

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Flash Services PMI, Japan, June

In one line: Japan's services business activity grow faster in June, but slowing input cost increase bode ill for wage growth

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Preliminary Current Account, China, Q1

In one line: China’s current account balance holds up in Q1, but deterioration likely in Q2.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Preliminary GDP, Japan, Q1

In one line: Japan’s GDP shrinks for the first time in a year, reinforcing the BoJ's wait-and-see stance.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: 20 Day Exports, Korea, June

In one line: Korea's 20-day exports rebound in June on front loading ahead of reprieve expiry

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: National CPI, Japan, May

In one line: Japan's core inflation surprised on the upside, but unlikely to sway BoJ into hiking mode

Kelvin Lam (Senior China+ Economist)China+

24 June 2025 China+ Monitor Temporary export surge belies US-Korea trade frictions

  • Korea’s 20-day export growth rebounded, likely supported by stockpiling as the US’s deadline nears.
  • Shipments to the US, EU and Taiwan were the main drivers, while chip exports were strong in June.
  • The trade-talk logjam continues; we expect the grace period to be extended, allowing more negotiating time.

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: Preliminary GDP, Japan, Q1

In one line: Japan’s GDP shrinks for the first time in a year, reinforcing the BoJ's wait-and-see stance.

Kelvin Lam (Senior China+ Economist)Global

China+ Datanote: Loan Prime Rates, China, June

In one line: China's commercial banks hold benchmark lending rates steady in June

Kelvin Lam (Senior China+ Economist)China+

Global Datanote: National CPI, Japan, May

In one line: Japan's core inflation surprised on the upside, but unlikely to sway BoJ into hiking mode

Kelvin Lam (Senior China+ Economist)Global

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independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence