EM Asia Datanote: Industrial Production, India, October 2025

• In one line: Made to look much worse by Diwali distortions.

PANTHEON EM ASIA DATA WRAP 1 December 2025

ASEAN’s PMI strengthens to a 38-month high
Indonesian export growth finally comes back down to earth; 2027 should be a bit better
The turn in rising food inflation in Indonesia is here

EM Asia Datanote: GDP, India, Q3 2025

• In one line: Not worth the paper it’s printed on.

EM Asia Datanote: Retail Sales, Thailand, September 2025

• In one line: The theatre of the absurd is back.

PANTHEON EM ASIA DATA WRAP 28 November 2025

Ignore the Philippines’ misleading y/y trade headlines

November 2025- Emerging Asia Chartbook

THAI AND PHILIPPINE GROWTH SLOWEST SINCE COVID

• TAIWAN IS STILL FLYING, BUT THE TURN IN GDP HAS COME

1 December 2025 Emerging Asia Monitor India's labour codes--alone--are no quick fix to unlock farm dominance

• India finally implemented its new labour codes after five years of dithering, reviving reform momentum…
• …But the structural employment shift from farming will still be held back by huge agricultural support.
• On the surface, the strong and market-beating Q3 GDP is beyond absurd; tread very carefully.

27 November 2025 Emerging Asia Monitor Malaysia's long-run potential could be boosted by policy levers

• Early signs suggest there could be a moderation in Malaysia’s Q4 GDP, but risks are to the upside.
• In the longer term, supply side factors are likely to weigh on growth, due to poor capital stock growth.
• That said, we see the government pulling numerous policy levers to raise this.

EM Asia Datanote: Retail Sales, Taiwan, October 2025

• In one line: Motor sales contract a lot less.

PANTHEON EM ASIA DATA WRAP 25 November 2025

Thailand's bigger-than-expected October deficit masks resurgent US exports

26 November 2025 Emerging Asia Monitor

PANTHEON EM ASIA DATA WRAP 21 November 2025

Shaping up to be a very anti-climatic Q4 for India
Malaysia’s recent inflation spike could be over

24 November 2025 Emerging Asia Monitor India's mixed November PMIs don't change the big H2 slowdown story

• India’s PMIs are still broadly losing steam heading into 2026, pointing to ‘just’ 6.4% Q4 GDP growth…
• …The future output indices in both PMIs are tanking, pouring cold water over a mid-2026 recovery.
• Malaysian inflation eased to 1.3% in October after months of rise s; we think food inflation will return.

EM Asia Datanote: Core Industries, India, October 2025

• In one line: Poor; residual Diwali noise is only partly to blame.

EM Asia Datanote: Bank Indonesia Decision, November 2025

• In one line: Easing should resume in December, with a final 25bp move.

PANTHEON EM ASIA DATA WRAP 19 November 2025

The AI tide is finally lifting Malaysian exports

20 November 2025 Emerging Asia Monitor BI to make final cut in December then move on to RRRs in 2026

• BI stood pat yesterday, as widely expected; we see one final cut in December and RRR easing in 2026.
• Singaporean export growth leapt unexpectedly in October, but leading indicators remain very soft.
• Malaysian exports are finally benefiting from the AI boom, as they surged by 15.7% in October.

19 November 2025 Emerging Asia Monitor India's record trade deficit in October mainly an import story

• Surging gold imports are only part of the historic blow-out in India’s trade deficit in October…
• …Real import demand looks to be rocketing too, though INR depreciation should keep this in check.
• Exports weren’t as weak as their headline plunge suggests, but non-US demand is now wobbling.

EM Asia Datanote: Trade, India, October 2025

• In one line: Gold imports are still surging, but real import demand has also gone up a gear.

18 November 2025 Emerging Asia Monitor Inventories make Thailand's Q3 GDP look worse than it actually was

• GDP growth in Thailand slumped to a fresh post-Covid low of 1.2% in Q3, due mainly to destocking…
• …A few key details were otherwise solid, including goods exports and a rebound in fixed investment.
• We still see annual GDP growth weakening to 2.0% this year and 1.8% next year.