Pantheon Publications

Global Datanote: Exports, Korea, September, 2025

In one line: Korea’s headline export surge masks WDA slump; Strong chip demand still underpins outlook.

China+ Datanote: Foreign Reserves, China, September

In one line: China’s FX reserves edge higher, supported by portfolio inflows and persistently strong trade surplus.

China+ Datanote: Exports, Korea, September

In one line: Korea’s headline export surge masks WDA slump; Strong chip demand still underpins outlook.

China+ Datanote: Tankan Survey, Japan, Q3

In one line: Fimer Tankan readings pave way for BoJ policy normalisation in October.

China+ Datanote: Manufacturing PMI ,Korea, September

In one line: Korean manufacturing activity surged in September on stronger orders and output.

8 October 2025 China+ Monitor Japan's Takaichi wins LDP election; equities drive China's FX reserves

• Ms. Takaichi’s win in Japan’s LDP leadership election reduces the likelihood of a BoJ hike in October.
• China’s FX reserves rose in September, fuelled by non-valuation effects, such as capital inflows.
• We think USD strength and the Fed’s rate path will be the key drivers of China’s FX reserves into early 2026.

China+ Datanote: Industrial Profits, China, August

In one line: China’s industrial profit rebound lacks breadth, with only seven industries show accelerating positive gains.

2 October 2025 China+ Monitor Korea's export surge masks WDA slump; Manufacturing rebounds

• Korea’s working-day-adjusted export value growth fell sharply in September, partly due to base effects.
• Manufacturing activity grew the most in 13 months, but the US ‘chip content’ tariff renews uncertainty.
• We expect the BoK to cut rates by 25bp in Q4, once financial stability risk from the housing market lessens.