Below is a list of our Emerging Asia 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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Daily Monitor Miguel Chanco (Chief EM Asia Economist)
- Thailand’s customs trade balance missed widely in March; the adjusted gap sank to a 19-month low…
- …Export leading indicators remain lacklustre, while import growth is getting a lift from global oil prices.
- Vietnam’s trade surplus collapsed in April; it looks like export growth truly has peaked, for now.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- BI surprised yesterday with a 25bp hike, yet again citing a need to stabilise the IDR; this is just overkill.
- Taiwanese retail sales growth in March barely stayed in the black; price effects saved the day…
- …Real wage growth continues to tread water around zero percent, making a Q2 turnaround unlikely.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The strong 2024 run in India’s PMIs continued in April, but they still point to sub-8% GDP growth…
- …Hiring appears to have regained momentum recently, but the hard EPFO data remain sluggish.
- Continued headline disinflation in Singapore will be tough, as the low-hanging fruit has been picked.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Indonesia’s surplus leapt unexpectedly to a 13-month high, with exports reversing their 2024 drop.
- The outlook for key commodities has brightened, pointing to an imminent return to positive growth…
- …Real demand from China also looks set to pop, but this probably won’t be felt until Q2, at the earliest.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Singaporean export growth plummeted in March, but our advice is to take the figure in your stride...
- ...As the headline was dragged down by a series of one-off factors that should unwind in April.
- Indonesian retail sales growth spiked during the February election; don’t expect any follow-through.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Net sales growth in the Philippines remains in the red; remittances now look unlikely to save the day.
- The consumer debt binge is lasting much longer than we thought, but the payback is looming.
- The much-needed savings rebuild looks to be reversing, and confidence is now plunging.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Indian industrial production growth rebounded in February, but the climate remains challenging…
- …The inventory-to-sales ratio continues to deteriorate, while consumer demand is sagging.
Core inflation fell to a new low in March; thankfully, food-price stickiness isn’t impacting expectations.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The BoT yesterday sprang no surprise, keeping its policy rate at 2.50% in another five-to-two split…
- …But its latest forecasts and rhetoric betray waning confidence; we continue to see the first cut in June.
- Taiwanese export growth rebounded strongly in March; watch the boom in AI-related shipments.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The BSP held rates yesterday but sounded more hawkish, raising its 2024 inflation forecast to 4.0%.
- We still expect 100bp in cuts this year, with the first in June; food inflation will start co-operating in May.
- Another day, another Lunar New Year boost to February retail sales growth; this time in Malaysia.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The big drop in Vietnamese GDP growth to 5.7% in Q1 was due mainly to seasonal noise unwinding…
- …Trade enjoyed a robust start to the year, but the same cannot be said for household spending.
- We push back our expectation for the first BI cut to Q4, given rising and stubborn food inflation.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Ignore the narrowing of Thailand’s customs trade deficit in February; the broad trend is deterioration…
- …Year-over-year export growth is topping out , with a number of major markets still very sluggish.
- Don’t get carried away by the jump in Taiwanese retail sales growth in February to nearly 10%.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Bank Indonesia left the BI rate unchanged at 6.00% yesterday, as universally expected.
- Its ongoing insistence on the need to safeguard the IDR is unwarranted; the carry trade has long turned.
- The Board’s thinking on GDP is becoming more muddled; expect to see the first 25bp cut in June.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Indonesian retail sales growth bounced merely to 1.1% in January, remaining well below par…
- …The passenger-car sales data are even more abysmal, amid a steady deterioration in confidence.
- We reckon Malaysian retail sales growth bottomed out in January and will likely rise from February.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Food inflation in India looks set to remain sticky until mid-year, amid the collapse in farm output growth...
- ...Forcing us to raise our 2024 CPI forecast to 4.6%, and push back the likely first rate cut to August.
- The slowdown in industry is becoming increasingly broad-based and will soon hit GDP growth hard.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The Philippines’ unemployment rate jumped in Q1, to 4.5%; a smaller labour force is partly to blame.
- Weakness is surfacing, and another minimum wage hike will make matters worse outside the capital.
- The regional reserves rebuild is far from complete; Vietnam's and the Philippines’ lag is the main worry.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The BNM opted to hold rates at its March meeting, as inflation remains benign and growth intact.
- It signalled that the MYR is undervalued, but we expect it not to turn to interest rates to address this.
- The slump in Philippine sales is nearly a year old, underscoring the weakness of household budgets.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- ASEAN’s manufacturing PMI hit a six-month high in February, but underlying demand remains poor.
- Price pressures are building at the margins again, though the year-over-year story is still deflationary.
- Vietnam’s impressive export recovery is on track, despite a Tet-induced growth crash in February.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- India’s Q4 GDP surprised massively to the upside, with growth rising to 8.4% from 8.1% in Q3...
- ...But statistical discrepancies continue to inflate the headline, hiding the sluggishness in consumption.
- The drag from net trade eased too, but this was all down to an unwelcome quarterly plunge in imports.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- We expect a sharper slowdown in Q4 Indian GDP growth than consensus, to 5.6% from 7.6% in Q3...
- ...The main blow will likely come from capex hitting a wall, while the discrepancies lift should fade further.
- Lunar New Year noise played a lot of tricks on Thai trade data for January; read this for the real story.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- We’re firmly with the consensus today, expecting Bank Indonesia to hold the BI rate at 6.00%.
- We continue to believe the first cut will come in Q2; the consensus is too pessimistic on inflation.
- BI is banking partly on construction to lift GDP growth in 2024, but the underlying trends are weak.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia