PANTHEON EM ASIA DATA WRAP 5 December 2025

RBI not buying 8%-plus growth either, but taking the chance before CPI mean-reverts
Already-low food inflation in the Philippines continues to backslide

4 December 2025 Emerging Asia Monitor Target-range inflation in Thailand looking more and more distant

• Thailand’s November CPI prints were firmer than expected, but we still see an MPC cut this month.
• We’ve raised our 2025 forecast to -0.1%, while simultaneously cutting our 2026 call to 0.0%…
• … Another power tariff cut is scheduled for January, and underlying inflation pressures are non- existent.

PANTHEON EM ASIA DATA WRAP 3 December 2025

Food inflation returns to the black in Thailand

3 December 2025 Emerging Asia Monitor Net trade and consumption push Taiwan's Q3 GDP even higher

• Taiwan’s Q3 GDP growth was revised up to 8.2%—a 0.6pp rise— driven by a bigger boost from net trade.
• More granular data on investment reveals its overall weakness was due to inventory drawdown.
• India’s IP and GST readings for Q4-to-date are less alarming once Diwali noise is stripped out.

EM Asia Datanote: Industrial Production, India, October 2025

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

2 December 2025 Emerging Asia Monitor ASEAN's PMI still flying, but we see a few big holes in this story

• ASEAN’s PMI rose to a 38-month high in November, but a few of the drivers are questionable.
• Indonesian exports missed badly in October, but  commodities should be more supportive next year.
• Food disinflation is back in Indonesia, dragging the  headline rate below the consensus for November

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.