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.
Claus Vistesen (Chief Eurozone Economist)
- Markets are speculating about an ECB hike in 2026, as energy prices surge and EZ core inflation jumps…
- …But we think the Bank will play it safe this month, opting to monitor the situation.
- The war in Iran and rising February core inflation pull up our 2026 inflation forecast by 0.2pp, to 2.1%.
- War in Iran will add 0.1-to-0.2pp to EZ inflation between now and June, at current oil and gas prices.
- Inflation in liquid fuels will jump immediately, but gas and electricity prices will rise more slowly.
- The ECB will view rising energy prices due to geopolitics as a negative supply shock.
In one line: A slight downside surprise, offsetting upside surprises in France and Spain.
In one line: Stability in the labour market, for now; state CPIs tilt dovish.
In one line: Still well above 2%, but little impact on the ECB’s reaction function.
In one line: EZ inflation still looks dovish for February, but not enough to shift the ECB’s stance.
- Inflation in the EZ stayed well below 2% in February, but this is not enough to shift the ECB towards a cut.
- The Swiss economy resumed growth in Q4, and is poised for even stronger GDP in 2026.
- Switzerland will continue to negotiate a US trade deal, which should revive its industry and exports.
In one line: A strong rise in M1 growth; did lending growth really slow?
In one line: Dovish, but far from underwriting a further rate cut.
- M1 growth leapt in January, but loan growth to non-financial firms slowed…or did it?
- The EC confidence survey fell in February, but the probability of a recession in the Eurozone is still low.
- Business sentiment in Italy edged down this month, but we remain optimistic about growth in 2026.
In one line: Dovish, but far from underwriting a further rate cut.
In one line: Strong momentum in domestic demand, but risks still loom in early 2026.
- EZ inflation will likely stay low in February, but the bar for further ECB easing remains high…
- …A rebound in liquid fuel inflation is the main near-term upside risk to EZ inflation.
- German domestic demand posted strong growth in Q4; just what the doctor ordered.
- INSEE survey data point to downside risk to growth in French domestic demand, ex-inventories, in Q1.
- Investment in France is still struggling, and consumption growth is vulnerable to a reversal.
- We’re lowering our full-year 2026 growth forecast for France by 0.3pp, to 1.0%.
- Mr. Trump’s new tariffs on the EU are little changed, but will they shift the timing of US imports?…
- …A universal US tariff reduces the disinflationary threat to EZ core goods from Chinese dumping.
- Italian energy prices will fall further this year, as the government aims to lower electricity and gas prices.
In one line: A modest rebound, but GDP growth is doing better than implied by the PMIs.
