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
Please use the filters on the right to search for a specific date or topic.
Daily Monitor
- China's August producer deflation improved, led by steel and coal, likely due to reviving building demand.
- Anti-price-war policies are likely to have more effect in traditional sectors than in high-tech ones.
- Core consumer inflation is weak but gradually rising, indicative of the slow repair in domestic demand.
- China exports slowed for third successive month in August, dragged down by low-tech shipments.
- US was largest drag on growth; monthly exports fell 12.8% seasonally adjusted, offsetting ASEAN's gains.
- Export growth is set to slow in H2 on the back of a weaker US economy and less stockpiling.
- The August RatingDog services PMI flashed a warning signal about job losses, despite strong activity.
- A court ruling on mandatory social security payments is the likely culprit, leading firms to trim workers.
- Local governments probably won't fully enforce the rule, but the uncertainty created is hitting jobs already.
- China's August PMIs diverged, with RatingDog pointing to a soft recovery from the tariff shock...
- ...but the weak official manufacturing gauge indicates sluggish domestic demand, though pricing improved.
- Services activity rose, on the back of stock-market trading and tourism, but construction is on the rocks.
- The BoK left the policy rate unchanged yesterday, citing household-debt worries.
- The Bank is probably also seeking to avoid upsetting the US with a rate cut which could weaken the KRW.
- A likely government housing-supply plan and Fed rate cut in September should allow a BoK rate cut in Q4.
- Tier-one cities are leading another round of targeted residential property market easing in China.
- The goal is stabilisation, however, rather than returning to solid growth, so expect an L-shaped recovery.
- Industrial profits barely improved in July amid excess supply; manufacturing profits are rising though.
- Higher tariffs hurt Japan’s car and steel exporters in July, with export values seeing precipitous declines.
- Car export prices to the US are still falling in USD terms, but more slowly. Exporters are absorbing costs.
- Japan’s flash composite PMI has slid for three straight months but points to stronger domestic demand in July.
- The PBoC on Monday gave no hint of imminent easing, despite July’s underwhelming activity data.
- China is likely to go slow on further policy support, so it has options if trade talks with the US hit a wall.
- The property market is worsening again, putting developer finances under pressure.
- China’s broad credit growth edged up in July, only thanks to rapid government-bond issuance.
- Credit demand elsewhere appears lacklustre, with net long-term corporate loan repayments.
- Subsidies for consumer and services firm loans are helpful but unlikely to be a game-changer.
- China’s consumer prices are teetering on the brink of deflation, with July’s rate falling back to 0.0%.
- Producer deflation has deepened further. Any progress on anti-involution will take time to appear.
- Trade uncertainty will weigh on factory-gate prices regardless; all eyes are on the 15th five-year plan.
- China’s FX reserves fell less than the market expected, but still staged the first drop since December.
- The currency-valuation effect was the main downward driver, and the bond-valuation effect to a lesser extent.
- The evolution of China’s FX reserves in H2 hinges critically on the outlook for USD and the Fed.
- China’s consumer sentiment is near historic lows, weighed down by property- and job-market worries.
- Employment sentiment is nearly as feeble as at the global financial crisis low point.
- More people expect broad inflation than deflation, which is largely confined to producer prices.
- The BoJ yesterday kept the policy rate on hold at 0.5%, as widely expected.
- The Bank remains cautious about the growth outlook, despite the US-Japan trade deal.
- The BoJ did raise its inflation forecast though, because of food inflation.
- H1 went quite well, all things considered, but China still wants to project a strong image to the world.
- China’s new residential sales weakened further in the first four weeks of July.
- The new child-rearing subsidies are a step in the right direction, but small by international standards.
- Involution (内å·), or excessive competition, has been a buzzword in China in recent years.
- Industrial profits are being squeezed by oversupply, weak demand and excessive competition.
- Policymakers started an anti-involution campaign in earnest in July, hoping to restore industrial orders.
- Deputy Governor Uchida said on Wednesday that the US-Japan tariff deal reduces uncertainty...
- ...hinting that the BoJ will revise up its growth and inflation outlook next week.
- The July composite flash PMI was steady, though services and manufacturing activity diverged.
- We are raising our growth and inflation forecasts for Japan, after yesterday’s relatively benign trade deal.
- The BoJ is likely to resume rate hikes in October, as it forms an initial view on the 2026 wage outlook.
- USDJPY is likely to strengthen moderately; but political risk was evident in the 40-year JGB auction yesterday.
- Japan’s Upper House election is done and dusted; the coalition has now lost its majority in both houses.
- July’s 20-day exports held up on a WDA basis, despite the higher tariffs applied to Korean exports to the US.
- A preliminary US-Korea trade deal may be reached before August 1, but anything agreed will be general.
- Japanese export growth was surprisingly weak, because of a drop in shipments to Taiwan and Canada.
- Japan’s economy has probably entered a technical recession in Q2, likely dragged down by net trade.
- The LDP coalition is at risk of losing its Upper House majority; this will be bond-and yen-negative.
- .China’s Q2 real GDP growth weathered the tariff war, as exports to non-US markets picked up…
- …But nominal GDP growth was the lowest since Q4 2022, as deflation steepened.
- Consumption is likely to remain sluggish, with wage growth slowing in Q2.
