Pantheon Publications

CN Datanote: Exports, Japan, April

In one line: Japan’s export growth accelerates on rising legacy chip prices

CN Datanote: 20-Day Exports, Korea, May

In one line: Korea’s chip export boom masks the underlying K-shaped recovery

CN Datanote: Flash Services PMI Japan, May

In one line: Japan's services activity stalls in May, likely hit by slowing inbound tourism

CN Datanote: Flash Manufacturing PMI, Japan, May

In one line: Japan’s manufacturing expansion slows in May, but precautionary front-loading continues

CN Datanote: GDP, Japan, Q1

In one line: Japan’s Q1 GDP beats expectations, but extended Strait closure complicates BoJ tightening

Global Datanote: National CPI, Japan, April, 2026

• In one line: Japan's inflation slowed in April, but that probably won't dissuade the BoJ from hiking

CHINA+ DATA WRAP 22 May 2026: Japan's inflation slowed in April

In one line: Japan's slowing inflation probably won't dissuade the BoJ from hiking rates next month

PM Datanote: Retail Sales, Mexico, March, 2026

• In one line: Retail sales remain resilient, but momentum still looks soft.

PANTHEON EM ASIA DATA WRAP 21 May 2026

Indian manufacturing still struggling; pop in prices fading

EM Asia Datanote: Core Production, India, April 2026

• In one line: Still losing momentum at the margin.

Global Datanote: Bank Indonesia Decision, May 2026

• In one line: Huge—defensive—hike.

EM Asia Datanote: Bank Indonesia Decision, May 2026

• In one line: Huge—defensive—hike.

22 May 2026 US Monitor Supply chain disruptions are lifting orders and pushing up goods prices

• Manufacturing firms appear to be bringing forward orders to get ahead of supply chain disruptions… 
• …That will lift industrial activity, but only in the short term; upward pressure on goods prices is building.
•  The outlook for homebuilding remains dim; we expect real residential investment to fall in 2026.

22 May 2026 LatAm Monitor Brazil's economy still resilient, but restrictive policy is biting

• Consumption and fiscal support continue to cushion activity in Brazil, despite high interest rates
• Investment and confidence indicators point to softer domestic demand over the next three-to-six months.
• Persistent inflation pressures will likely keep the COPOM cautious about further easing.

22 May 2026 Eurozone Monitor PMIs indicate the EZ economy is now in stagflation

• EZ PMIs sank further in May, adding to the evidence that the economy is stuck in a stagflationary hole.
• The ECB will focus on soaring input and output price indices, but the PMIs are warning not to over-tighten.
• Relative weakness in French PMIs likely reflects the lack of fiscal space to lean against soaring inflation. 

22 May 2026 UK Monitor PMI review: underlying growth slows, but price pressures remain

• Increased political uncertainty and high energy costs weighed on business sentiment in May.
• But the PMI overreacts to political noise, and price pressures remain strong.
• We stick to our July rate-hike forecast, but it’s a much closer call as downside risks to growth rise.

Global Datanote: LPRs, China, May, 2026

• In one line: On hold despite April slowdown

CHINA+ DATA WRAP 20 May 2026: Rates on hold, despite April slowdown

In one line: Policy rate cut only likely after several months of flagging growth

PANTHEON EM ASIA DATA WRAP 20 May 2026

Brace for more eye-wateringly strong export growth in Malaysia.

May - US Economic Chartbook

REAL INCOMES WILL DROP THIS SUMMER...

• ...CORE INFLATION WILL COOL IN Q4, ENABLING RATE CUTS