PANTHEON EM ASIA DATA WRAP 5 November 2025

Local private demand let the Indonesia economy down in Q3
The post-“Liberation Day” recovery in ASEAN manufacturing sentiment continues
Outright Thai deflation still has a number of months left
Softer food and firmer housing & utilities inflation in the Philippines offset each other

PANTHEON EM ASIA DATA WRAP 3 November 2025

A deceptively quiet end to Q3 for Indonesian trade
Raising our 2026 average inflation forecast to just over 3%

EM Asia Datanote: Retail Sales, Thailand, August 2025

• In one line: ‘Others’ component goes from friend to foe; underlying growth is showing more stability.

PANTHEON EM ASIA DATA WRAP 24 October 2025

The 2025 upswing in India's PMIs has stalled

October 2025- Emerging Asia Chartbook

SURPRISE HOLDS FROM THE BOT AND BI WON’T LAST

• …A SERIES OF EARLY-Q3 GDP UPSIDE SHOCKS IN ASEAN

PANTHEON EM ASIA DATA WRAP 9 October 2025

Q3 is shaping up to be fairly decent for Indonesian retail sales

PANTHEON EM ASIA DATA WRAP 7 October 2025

Philippine sales still sliding, but a few green shoots are emerging
Soft… keeping the door wide open for at least one more BSP cut this quarter

PANTHEON EM ASIA DATA WRAP 6 October 2025

Vietnamese growth slipped marginally—in reality—in Q3
Don’t put too much weight on the September uptick in Vietnamese sales
A sense of deja vu… Vietnam’s exports to the US steal the show to close Q3
Transport deflation in Vietnam finally comes to an end, for now
CPI expectations in Thailand need a further recalibration down

PANTHEON EM ASIA DATA WRAP 1 October 2025

The RBI’s pause continues, but further easing is still very much on the table
A sturdy—but narrow—end-Q3 bump in ASEAN manufacturing
Ignore the August jump in Indonesia's surplus; import demand is crashing
Food inflation is firming up fast in Indonesia, but core disinflation is a strong anchor

PANTHEON EM ASIA DATA WRAP 30 September 2025

Real import demand in the Philippines has had a bleak Q3, so far

EM Asia Datanote: Industrial Production, India, August

• In one line: A consumer-led dip, but durables growth is probably bottoming-out.

September 2025- Emerging Asia Chartbook

IGNORE INDIA’S ‘HOT’ Q2 GDP; Q3 SHAPING UP TO BE
MUCH MORE SOLID

• …FISCAL AND MONETARY POLICY IN INDONESIA IS IN FLUX

PANTHEON EM ASIA DATA WRAP 24 September 2025

Thai front-running to the US is now reversing

PANTHEON EM ASIA DATA WRAP 23 September 2025

A soft-ish end to Q3, but Indian momentum is still largely improving

EM Asia Datanote: Core IP, India, August

• In one line: Driven almost exclusively by a V-shaped bounce in coal output.

EM Asia Datanote: Trade, India, August

• In one line: Distorted by technicalities; real import demand remains healthy-ish.

EM Asia Datanote: WPI, India, August

• In one line: Caused mainly by more moderate primary articles deflation; still tepid, overall.

EM Asia Datanote: CPI, India, August

• In one line: Expect this to be a temporary headline bounce.

PANTHEON EM ASIA DATA WRAP 11 September 2025

A robust start to Q3 for Indonesian retail sales

PANTHEON EM ASIA DATA WRAP 9 September 2025

A quiet start to Q3, but Philippine sales are still sliding