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.
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Daily Monitor
- Chile’s CPI surprised to the downside in December, as goods deflation deepened and core pressures eased…
- …A firmer CLP and slowing wages are anchoring inflation, leaving policy rates close to neutral.
- Low inflation, neutral rates and FX management mean BCRP is well positioned as election risks build.
- Food deflation in India is receding quickly, pushing headline inflation up further, to 1.3% in December…
- …We’ve raised our 2026 average forecast to 4.1%, but underlying inflation remains very benign.
- Indonesian retail sales growth has hit a 20-month high, despite the big holes in discretionary goods.
- US Greenland ambitions will accelerate EU defence spending and raise the risk of an EU-US trade war.
- The EU economic ‘bazooka’ would likely be unholstered if the US moves to take over Greenland.
- An intra-NATO shooting match is highly unlikely, but tensions will ratchet up before a resolution is found.
- We expect ‘final’ payrolls to fall by 15K month-to-month in December, but hiring will improve in 2026.
- The LFS unemployment rate will drop to 5.0% in November, but that still likely overplays job weakness.
- Wage inflation will moderate in December, but surveys suggest the pace of pay growth is flattening.
- Unadjusted initial and continuing jobless claims are almost unchanged from a year ago...
- ...But this is partly due to low seasonal hiring; claims also miss rising youth and long-term unemployment.
- The Q3 productivity jump merely returns it to trend; tariffs and immigration curbs will limit growth in 2026.
- Sticky core inflation and narrowing policy leeway push Banxico to pause before cautious easing can resume…
- …Temporary fiscal and wage shocks will lift near-term inflation, but disinflation will maintain its easing bias.
- Disinflation is holding in Chile as policy nears neutral and the easing cycle approaches its end.
- Swiss CPI in December eliminates the risk of deflation, as well as questions about negative rates.
- German factory orders rose strongly midway through Q4, but surveys signal downside risks.
- Falling unemployment and rising selling prices in the ESI tilt hawkish after dovish December inflation data.
- Manufacturing output likely rose in November as auto production recovered after the JLR cyber attack.
- Leading indicators suggest that consumer-facing services were spared the worst of pre-Budget worries.
- Output growth in Q4 2025 will likely run close to the MPC’s forecast and the steer from the PMI.
- JOLTS hiring less separations ought to provide a useful cross-check on payrolls, but the track record is poor.
- Small business openings remain low, but they lag the NFIB hiring index too much to refute its recent pick-up.
- The inclusion of retailers means the ISM services survey provides a useful steer on tariff-driven inflation.
- Brazilian Real — Flows and shifting rate bets
- Mexican Peso — Range-bound after strong December
- Colombian Peso — Wage shock and geopolitics weigh
- The Philippines’ hot December CPI was no surprise to us; we still expect a February BSP rate cut.
- Thai deflation eased as much as expected in December, but core disappointed to the downside.
- Taiwanese CPI inched up in December, but we think it will trend down further this year.
- China’s $11.5B rise in foreign reserves in December was down entirely to currency-valuation effects.
- The large trade surplus has been resilient, despite tariff frictions, due to exports expanding into new markets.
- Our estimated residual net capital outflow probably points to retained export earnings held offshore.
- EZ inflation shifted dovishly in December, setting up a bigger drop in Q1 than the ECB expected…
- …The ECB prefers to sit out near-term volatility in inflation; that preference will be tested in Q1.
- German retail sales growth likely improved slightly over Q4, despite the fall in November.
- We expect CPI inflation to tick up to 3.3% in December, from 3.2%, as tobacco duties rise.
- A later CPI collection date than we assume would tip our forecast to 3.4% via higher airfares inflation.
- Strong BRC Shop Prices for clothes in December pose an upside risk to our forecast.
- We look for a 0.3% increase in the December core CPI, with the risks skewed strongly towards a 0.4% print.
- Late data collection biased downwards the November CPIs for core goods and lodging away from home...
- ...These CPIs will rebound in December, alongside a big rise in airline fares and possibly auto insurance.
- October’s activity rebound reduces recession risk in Mexico, but sectoral momentum remains uneven.
- Services are cushioning any weakness, with industry, investment and external demand capping growth
- USMCA uncertainty, soft remittances and policy noise will keep Mexico’s growth below potential this year.
- GDP growth in Vietnam surprised massively to the upside in Q4, rising to 8.4% from 8.1% in Q3…
- …But we still expect to see a sustained moderation this year; our revised 2026 forecast is 7.5%.
- Export momentum has almost vanished, FDI is rolling over, and wage growth is softening.
- Risks have swung to a downside surprise in today’s EZ HICP, and the ECB’s forecasts being too hawkish.
- Markets are currently pricing in almost no chance of a further rate cut in H1; that will change soon.
- The EZ PMI is holding on for a gain over Q4, but the direction of travel across the quarter is downward.
- Look past the disappointing headline PMI for December; forward-looking balances improved.
- The Q4 PMI is consistent with 0.0-to-0.2% growth, but new orders point to an improvement in January.
- Price pressures remain stubborn despite weak jobs, which will keep the MPC cautious.
- Tariff revenues fell in December and remain well below levels expected by independent fiscal watchdogs.
- Nearly all of the boost to consumer prices from the tariffs has filtered through; the outlook is benign.
- Home sales are likely to recover in 2026 as mortgage rates fall, but still fall short of pre-pandemic levels.
