China+ Publications
Below is a list of our China+ Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
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Daily Monitor Datanotes Duncan Wrigley
- China’s key activity data for the first two months of 2025 beat market expectations on all fronts.
- Local governments have stepped up investment, while manufacturing is roaring ahead.
- But consumption spending is making only gradual progress; funding is key to the new plan.
Duncan WrigleyChina+
China's local governments get the memo on boosting domestic demand
Consumption makes modest improvements, as the trade storm looms
Duncan WrigleyChina+
Robust government bond issuance pushes up credit growth, despite lacklustre private sector credit demand
Duncan WrigleyChina+
- Japan’s Q4 growth was lifted by net exports, while domestic demand was insipid.
- People are curbing discretionary spending in the face of red-hot food inflation and weak real wage growth.
- Headline GDP growth should fall in Q1 as exports slow, despite robust inbound Chinese tourism.
Duncan WrigleyChina+
China's steps up fiscal support in a measured fashion; room for further easing
Caixin services activity improves
Duncan WrigleyChina+
- Premier Li yesterday announced additional stimulus equivalent to 1.7% of GDP, to bolster growth.
- The disappointing funding amount for consumer subsidies can be boosted to offset slowing exports.
- Government land and property inventory purchases should moderately speed up the real estate recovery.
Duncan WrigleyChina+
Korean manufacturing sentiment dented by sagging US and European orders
Duncan WrigleyChina+
Manufacturing sentiment rebounds, despite the brewing trade war
Duncan WrigleyChina+
Caixin PMI shows manufacturing sentiment rebound, despite the brewing trade war
Duncan WrigleyChina+
- China’s February PMIs point to a post-holiday activity bounce, but also improved sentiment.
- Sentiment in the manufacturing sector revived, thanks to expectations of stronger demand.
- The construction PMI rose on the back of infrastructure project construction work.
Duncan WrigleyChina+
Post-holiday activity rebound, but firms still wary ahead of the Two Sessions and tariff hikes
Duncan WrigleyChina+
Construction activity rebound looks mainly seasonal; too soon to say if a real infrastructure push is coming
Duncan WrigleyChina+
Outlook still gloomy, after sifting through the holiday data distortions
Duncan WrigleyChina+
Tokyo headline inflation slows as energy subsidies restart; BoJ to stick to policy normalisation path
Duncan WrigleyChina+
Tokyo headline inflation slows as energy subsidies restart; BoJ to stick to policy normalisation path
Duncan WrigleyChina+
- China’s technology & manufacturing policy will take centre stage at the Two Sessions next week.
- Targeted consumption support will be ramped up; no big handout, but fiscal transfers should be supportive.
- The bank recapitalisation provides ammunition for mid-year stimulus, to mitigate the trade war impact.
Duncan WrigleyChina+
Governor Rhee signals one or two additional rate cuts this year after BoK's easing move today
Duncan WrigleyChina+
Governor Rhee signals one or two additional rate cuts this year after BoK's easing move today
Duncan WrigleyChina+
- The Bank of Korea cut rates yesterday, as widely expected in the market, given currency stability.
- Anther two cuts are likely, though we see a rising case for three, given domestic political and trade-war risks.
- China’s bond yield uptick likely reflects improved sentiment, but that rests on fragile ground.
Duncan WrigleyChina+
- Korean exports slowed in February, except to Asia ex-China manufacturing hubs.
- Auto exports benefited from front-loading ahead of a likely US auto tariff hike; chip exports should rebound.
- President Trump’s investment restriction memo is a bargaining chip ahead of trade talks with China.
Duncan WrigleyChina+
