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.
Meekita Gupta (Asia Economist)
- Taiwan’s exports soared by 69.9% in January, with AI demand still overwhelming supply…
- ...though base effects, Lunar New Year distortion and less front-loading point to cooling ahead.
- AI demand could soften near term, due to lack of data centre readiness and delayed deployment.
- In one line: Export growth surge never seems to stop.
- In one line: Big disinflation surprise, due to Lunar New Year noise.
- Taiwan’s Q4 GDP growth surged to a blockbuster 12.7%, above the unjustifiable 8.8% consensus...
- …Exports did the heavy lifting, though even we were taken aback by the rebound in consumption.
- The MAS held policy steady; we see little need for tightening with imported inflation still non-existent.
- In one line: Can’t catch a break.
- In one line: Another no-move meeting, with optimism building.
- BNM held the OPR at 2.75% yesterday, in line with expectations, prolonging its ongoing pause.
- For now, AI-driven export strength should continue, meaning no rate cuts in 2026.
- Subdued inflation should leave the door open to a rate cut in the event of an economic shock.
- In one line: Another no-move meeting, with optimism building.
- Malaysian exports blew past expectations in December; analysts underestimated the AI boom...
- …We have upgraded our 2026 GDP forecast, as we think AI demand will remain firm for some time.
- Malaysia’s inflation ticked up in December, but we consider this a one-off not a re-acceleration.
AI boom saves Malaysian exports
Malaysian inflation shows a surprise rise
- Malaysia’s Q4 GDP growth beat expectations, at 5.7%, largely because of export manufacturing...
- …This bolsters our call for the BNM to hold rates this Thursday, saving policy space for later.
- We think economic growth should be stronger in 2026, but this is contingent on the AI boom.
- In one line: Export growth eases, but Q4 GDP remains on track for a millennia-high.
Sales growth in Malaysia dips
- Singapore ended 2025 strongly, with GDP growth accelerating to 5.7% in Q4, from 4.3% in Q3.
- Manufacturing drove the uptick, led by pharmaceuticals and electronics exports…
- …We think the headline was inflated by tariff-related front-loading that could fade in coming quarters.
- Taiwan’s CBC held rates steady last week; strong growth has removed the need for easing…
- …Still, growth is increasingly precarious, with exports—and GDP—heavily reliant on the AI boom.
- The silver lining is the CBC can now save a rate cut for when a genuine shock materialises.
- In one line: No rate cut needed.
- In one line: No rate cut needed.
Malaysian retail sales are pretty static, again.
- In one line: Export growth remains eye-wateringly high.
