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
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In one line: Japanese inflation slows less than expected in January
Kelvin Lam (Senior China+ Economist)China+
Japanese inflation slows less than expected in January
Kelvin Lam (Senior China+ Economist)China+
- The BoK kept the policy rate unchanged yet again, but one board member is now open to a rate cut...
- ...But the Bank will probably hold off until Q3, worried about rising household debt and inflation.
- The modest improvement in China’s January residential prices likely doesn’t mark a turning point.
Duncan WrigleyChina+
In one line: Korean WDA exports are rebounding strongly in early February, led by semiconductor shipments
Kelvin Lam (Senior China+ Economist)China+
Korean WDA exports rebound strongly; Japan stages double-digit export growth
Kelvin Lam (Senior China+ Economist)China+
- The BoK stays put, but changing voting pattern hints at future policy shift
Duncan WrigleyChina+
- Japanese manufacturing activity hit by fading demand and supply
Duncan WrigleyChina+
BoK on hold, but hinting at future easing; Japan's flash PMIs indicate continued sluggishness
Duncan WrigleyChina+
- The two Japanese flash PMIs point to a flagging recovery, despite long-term optimism.
- A drop in service sector new export orders is a warning sign for the tourism sector.
- January national CPI, due Monday, will likely be sub- 2%, adding to the case for the BoJ to delay a rate rise.
Duncan WrigleyChina+
- Korean 20-day export annual growth fell sharply in February, due to the holiday effect...
- ...Working-day-adjusted data show exports actually increased, led by semiconductor shipments.
- Japan’s exports rose in January due to base effects, tallying with the chip ‘up-cycle’ in Korean trade.
Kelvin Lam (Senior China+ Economist)China+
Surprise 25bp cut to five-year LPR unlikely enough to ensure rapid property market rebound; one-year LPR on hold
Duncan WrigleyChina+
Surprise 25bp cut to five-year LPR unlikely enough to ensure rapid property market rebound; one-year LPR on hold
Duncan WrigleyChina+
- The PBoC announced no change to the one-year LPR yesterday, in line with market expectations...
- ...But the surprisingly large 25bp cut to the five-year LPR is a clear signal of property-market support.
- China is finally taking bigger steps to boost the ailing property market, but more will likely be needed.
Duncan WrigleyChina+
China’s current account surplus fell again in Q4, to just 1.5% of GDP
Kelvin Lam (Senior China+ Economist)China+
- The PBoC left the MLF rate on hold yesterday but is likely to cut it in Q2, as part of targeted support .
- Fiscal stimulus funds are likely to boost business cash flow in selected parts of the economy in H1.
- Urban real estate financing mechanisms promise to bring real money for project completions.
Duncan WrigleyChina+
- - CHINA’S CREDIT DATA OFFER GLIMMERS OF HOPE
- - TOKYO CORE INFLATION DIPS BELOW BOJ’S TARGET
- - NEW PRODUCT LAUNCHES HELP LIFT KOREAN EXPORTS
Kelvin Lam (Senior China+ Economist)China+
- Japan’s economy enters technical recession as it saw two successive quarters of negative growth.
- Despite lacklustre domestic demand, growth was supported by nascent recovery in external demand.
- BoJ is likely to remove negative rates in Q2 after the ShuntÅÂ wage rounds despite weak fundamentals.
Kelvin Lam (Senior China+ Economist)China+
- China’s social financing growth slowed a notch in January, due to less government-bond issuance.
- The jump in January net long-term new household loans is probably a blip; new-home sales are weak.
- The increase in M1 growth is a likely sign of stimulus funds improving business cash flow.
Duncan WrigleyChina+
M1 and credit growth beat expectations, thanks to stimulus
Duncan WrigleyChina+
