Pantheon Macroeconomics

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Pantheon Publications

Below is a list of our Publications for the last 6 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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Kelvin Lam (Senior China+ Economist)

20 March 2024 China+ Monitor BoJ marches towards normalisation, scrapping negative rates and YCC

  • The BoJ raised interest rates for the first time in 17 years, while ending YCC and risky asset purchases.
  • At the press conference, Governor Ueda’s rhetoric on the future path of the policy rate was neutral.
  • Japan’s monetary policy should stay accommodative unless significant inflationary pressures mount.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: MLF rate, China, March

PBoC stands pat on MLF rate; draining cash from banking system first time since end 2022.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 15 March 2024

PBoC stands pat on MLF rate; draining cash from banking system first time since end 2022

China’s property market rout continues, with prices falling further in February

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 11 March 2024

In one line: China’s consumer price inflation bounces in February; Upstream industries continue to see disinflationary pressure

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: PPI, China, February

In one line: China’s upstream industries continue to see disinflationary pressure.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: CPI, China, February

In one line: China’s consumer price inflation bounces in February, thanks to the timing of the Lunar New Year holiday.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: FX Reserves, China, February

In one line:  Investors return to China’s stock markets in February

Kelvin Lam (Senior China+ Economist)China+

12 March 2024 China+ Monitor China's CPI bounces; upstream industries still see deflationary pressure

  • China’s CPI rebounded due to the timing of Lunar New Year and stronger demand in food and services.
  • By contrast, PPI slid further as deflationary pressure on upstream industries persists.
  • We expect headline CPI disinflation to resume, and China continues to export deflation to rest of world.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, China, January-February

In one line: China exports to emerging markets rise strongly in Jan-Feb; the jump in the year-to-date headline was due partly to base effects.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 7 March 2024

Japanese wages pick up, in advance of the Spring union talks

China exports to emerging markets rise strongly in Jan-Feb

Kelvin Lam (Senior China+ Economist)China+

8 March 2024 China+ Monitor China exports more to emerging markets in January and February

  • China’s export growth increased in January-to-February, partly due to the low base from last year.
  • Exports to emerging markets have risen noticeably, while shipments to ASEAN were flat.
  • New measures are being proposed at the NPC to prop up domestic demand and the property market.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 5 March 2024: China sticks to targeted support

Premier Li confirms targeted stimulus only, as China reshapes its growth model; Tokyo inflation rises

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 4 March 2024

In one line: Korean PMI reports softer expansion in manufacturing activities

Kelvin Lam (Senior China+ Economist)China+

5 March 2024 China+ Monitor Korean working-day-adjusted export growth vigorous, due to chip upturn

  • Underlying growth in Korean exports was stronger in February, adjusted for working-day differences.
  • Surging demand for semiconductors drove exports higher, thanks to a sustained ICT upturn.
  • The BoK will start lowering rates only in Q3, owing to inflationary pressure and household-debt risks.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, Korea, February

In one line: Ignore the headline export slowdown; Korean working-day adjusted export growth is vigorous

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: National CPI, Japan, January

In one line: Japanese inflation slows less than expected in January

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 27 February 2024

Japanese inflation slows less than expected in January

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: 20 Day Exports, Korea, February

In one line: Korean WDA exports are rebounding strongly in early February, led by semiconductor shipments

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 21 February 2024

Korean WDA exports rebound strongly; Japan stages double-digit export growth

Kelvin Lam (Senior China+ Economist)China+

22 February 2024 China+ Monitor North Asian exports benefiting from semiconductor 'up-cycle'

  • Korean 20-day export annual growth fell sharply in February, due to the holiday effect...
  • ...Working-day-adjusted data show exports actually increased, led by semiconductor shipments.
  • Japan’s exports rose in January due to base effects, tallying with the chip ‘up-cycle’ in Korean trade.

Kelvin Lam (Senior China+ Economist)China+

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