China+ Publications
Below is a list of our China+ Publications for the last 6 months. If you are looking for reports older than 6 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.
Chartbook Daily Monitor
- Korea’s 20-day exports rose sharply in December on base effects, and jumps in vessel and chip exports.
- Exports to China and Hong Kong continue to recover, while shipments to the EU tanked.
- Any improvement in Korea’s exports hinges on how sustained the ICT rebound and China’s recovery are.
Kelvin Lam (Senior China+ Economist)China+
- The PBoC kept one-and five-year LPRs steady in December, after standing pat on MLF rates earlier.
- Japan’s exports dipped back into negative growth in November following two months of expansion.
- Exports to the US and EU slowed significantly, while car exports continue to grow, albeit less strongly.
Kelvin Lam (Senior China+ Economist)China+
- The BoJ announced no change to its easy policy settings yesterday.
- Falling U.S. yields have eased pressure on the yen, lessening the urgency of a BoJ policy shift.
- The December flash PMIs indicate falling manufacturing demand, but resilient services activity.
Duncan WrigleyChina+
- China’s November financing data indicate weak credit demand outside government-bond issuance.
- Home demand is stronger than the headlines suggest, but the supply overhang is bigger too.
- The PBoC is likely to talk up inflationary expectations and provide more assertive liquidity support.
Duncan WrigleyChina+
- The December Central Economic Work Conference confirmed China’s priority is restructuring.
- China should turn to fiscal policy to expand domestic demand, but don’t expect mega-stimulus.
- Regulators are likely to support a broader group of property developers, but no quick fix.
Duncan WrigleyChina+
- The December Politburo meeting statement struck a more confident tone on China’s economy.
- Headline core inflation sank in November, due to food and energy prices, but core inflation was steady.
- November’s producer prices fell m/m for the first time in four months, indicative of excess supply.
Duncan WrigleyChina+
- November trade data show Chine se exports have flattened out in recent months.
- Key commodity import volumes continue to grow, except crude oil, which abruptly fell in November.
- Foreign reserves rose sharply in November, thanks to valuation effects and a larger trade surplus.
Duncan WrigleyChina+
- China’s services PMIs diverged in November, but this is probably a blip in a cooling trend this year.
- The graduate jobs market is likely still weak, if slightly better than last year.
- Consumer confidence has waned since the initial reopening surge in Q1.
Duncan WrigleyChina+
- Tokyo consumer inflation fell 0.6pp to 2.6% year- over-year in November...
- ...And core inflation excluding fresh food dipped to 2.3%, close to the BoJ’s 2% target.
- The downward revision to Japan’s final services PMI indicates slowing growth, despite robust tourism.
Duncan WrigleyChina+
- China’s November manufacturing PMI was hit by fading demand, while output continues to rise.
- But the weakness is mainly in materials processing, despite rising construction activity...
- ...Domestic demand for equipment and high-tech manufacturing is growing.
Duncan WrigleyChina+
- October’s industrial profit recovery was slower than expected, due to base effects and rising costs.
- Fading reflation impetus from producer prices also contributed; manufacturing sector profits improved.
- While October’s data is more upbeat than the year- over-year data implies, the recovery remains bumpy.
Kelvin Lam (Senior China+ Economist)China+
- The CNY has appreciated thanks to USD weakness but also a warmer tone in U.S.-China relations.
- The tech SME BSE index has soared almost 50% this month, aligning with China’s rebalancing theme.
- The developer “whitelist” is a crucial step on the long, bumpy path to resolving the property sector’s woes.
Duncan WrigleyChina+
- - CHINA USES TARGETED STIMULUS TO PROP UP GROWTH
- - BOJ SIGNALS READINESS TO EXIT EASY POLICY
- - BOK WILL BE LATE TO THE PARTY
Kelvin Lam (Senior China+ Economist)China+
- Korea’s 20-day exports continue to recover, but growth in shipment values slowed in November.
- Intra-regional exports are falling, bar those to China; Vehicles exports remain the main upward driver.
- We expect Korean exports to recover only gradually on a soft global outlook and uneven chip demand.
Kelvin Lam (Senior China+ Economist)China+
- China’s benchmark lending rates were unchanged in November, in line with the MLF rate last week.
- Policymakers are seemingly using fiscal stimulus to stabilise growth, thus allowing confidence to rebuild.
- Monetary policy will probably continue to play an accommodative role—behind fiscal policy—in 2024.
Duncan WrigleyChina+
- Japan’s Q3 real GDP was weaker than expected, due to slower inventory growth and a rising deflator.
- Private domestic demand remains sluggish, with consumption and investment missing expectations.
- Interest rates will be kept low for longer, effectively delaying the end of the negative rate policy to Q2.
Kelvin Lam (Senior China+ Economist)China+
- China’s domestic demand rose at a sluggish pace in October, while production grew faster.
- Upticks in retail sales of autos and mobile phones are bright spots.
- The PBoC injected RMB600B of MLF funds yesterday, enabling government-bond issuance.
Duncan WrigleyChina+
