Pantheon Publications

Global Datanote: CPI, India, February 2026

• In one line: Still mainly a food story, but Middle East pressures should surface in the March data.

EM Asia Datanote: CPI, India, February 2026

• In one line: Still mainly a food story, but Middle East pressures should surface in the March data.

PANTHEON EM ASIA DATA WRAP 10 March 2026

A decent, if unimpressive, start to the year for Indonesian retail sales

11 March 2026 Emerging Asia Monitor Oil price lands an instant punch in the Philippines and Vietnam

• The Philippines’ staggered fuel hikes won’t stop inflation from jumping above 3% this month…
• …Vietnam’s much larger adjustment bolsters our view that the SBV will hike rates at least once in H2.
• The modest pace of Indonesian retail sales growth is looking increasingly fragile once again.

10 March 2026 Emerging Asia Monitor India and Indonesia will be backed into fuel hikes, but not yet rate hikes

• The spike and projected stickiness in oil prices due to the Middle East unrest is now material for Asia…
• …We’ve raised our 2026 inflation forecasts for India and Indonesia to 4.0% and 2.9%, respectively.
• Taiwan’s exports moderated in February amid Lunar New Year noise, but now face serious energy risk.

PANTHEON EM ASIA DATA WRAP 6 March 2026

Don’t stress about the February collapse in Vietnamese export growth
A disappointing Tet season for retail sales in Vietnam
Raising our 2026 average inflation forecast for Vietnam to 3.7%
Strong end-2025 momentum in Philippine sales carrying over to early-2025

9 March 2026 Emerging Asia Monitor Taiwan's disinflationary spell likely over, due to Middle East conflict

• Taiwanese CPI rose to 1.8% in February, but it’s just Lunar New Year noise; a bigger issue is at hand...
• … A likely increase in fuel prices will hit Q2 inflation, though we still expect no rate hike.
• Tet noise means that Vietnam’s ‘ weak’ February exports should be ignored; the hot CPI less so.

EM Asia Datanote: CPI, Thailand, February 2026

• In one line: Diesel fix still more than safe; shading our 2026 forecast.

6 March 2026 Emerging Asia Monitor BNM maintains rates but is holding its breath on the Middle East

• BNM held rates at 2.75%, as expected, but its statement carried an unusually cautious tone.
• Singapore’s January retail sales were weaker than expected, but highly distorted by Lunar New Year.
• We raise our 2026 CPI call for the Philippines and cut that on Thailand; the difference is fuel policy.

Global Datanote: Manufacturing PMI, ASEAN, February 2026

• In one line: Rising domestic and external demand lifting most boats.

PANTHEON EM ASIA DATA WRAP 3 March 2026

Rising domestic and external demand lifting most boats in ASEAN

4 March 2026 Emerging Asia Monitor India--for now--can afford to shrug off the global oil-price surge to date

• We see no need yet to rethink our India CPI and rate calls, as fuel prices are already unnaturally high…
• …The clearer threat to CPI this year is the slowdown in agri growth; we see February inflation at 3.2%.
• The pre-Iran-war oil-price gains had barely any impact on industry in India and ASEAN.

Global Datanote: IP, India, January 2026

• In one line: An understandable, and likely temporary, breather to start 2026.

EM Asia Datanote: IP, India, January 2026

• In one line: An understandable, and likely temporary, breather to start 2026.

3 March 2026 Emerging Asia Monitor Boost to Indonesian exports from oil spike still small compared to 2022

• Indonesian exports fell well short of expectations in January, with the commodities lift still subdued…
• …But this should change in H2, with prices set to lift growth above 10%, helping to rebuild the surplus.
• The breach of BI’s CPI target range in February is skin-deep, but we’ve upped our 2026 call to 2.7%.

Global Datanote: CPI, Indonesia, February 2026

• In one line: Underlying price pressures rising, but feel free to ignore the breach of BI’s range.

Global Datanote: Trade, Indonesia, January 2026

• In one line: No post-Ukraine-war like burst, yet, to expect from export growth.

PANTHEON EM ASIA DATA WRAP 2 March 2026

No post-Ukraine-war like burst, yet, to expect from export growth
Underlying price pressures rising, but feel free to ignore the breach of BI’s range

EM Asia Datanote: GDP, India, Q4

• In one line: New series paints a more stable picture of recent years; ’statistical discrepancies’ no longer a bug-bear. 

EM Asia Datanote: Retail Sales, Thailand, December 2025

• In one line: Household momentum is rebuilding, but still nowhere near as fast as this absurd headline suggests.