Eurozone Publications
Below is a list of our Eurozone Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Global Weekly Monitor
- Net exports warn of a downside surprise in German Q2 GDP; we look for zero growth.
- Manufacturing and services are upside risks to Q2 growth in Germany; construction was a drag.
- The upturn in real M1 growth points to accelerating German GDP growth from early 2026 onwards.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- The looming deadline for the increase in “reciprocal” tariffs has been delayed again, now to August 1.
- The upside surprise in German industrial output in May points to a better EZ print than we expected.
- EZ services had a rough start to Q2, but surveys have improved and point to a better Q2 than Q1.
Melanie Debono (Senior Eurozone Economist)Eurozone
- Tariffs will likely dominate this week; will Mr. Trump stick or twist in the negotiations with the EU?
- The near-term outlook for German manufacturing is better than what is implied by factory orders in May.
- EZ industrial production likely fell in May, reversing the jump in late Q1, ahead of US tariffs.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- Headline inflation in Switzerland rose above zero in June, by 0.2pp to 0.1%.
- It will fall back again in July, to zero, where we expect it to hold steady until Q4.
- Our forecasts remain well below the SNB’s; another rate cut in September, to -0.25%, is still likely.
Melanie Debono (Senior Eurozone Economist)Eurozone
- A glass-half-full perspective indicates that the stars are aligned for a “beautiful releveraging” in the EZ.
- The EZ economy is completing a soft landing, an important prerequisite for a beautiful releveraging.
- Germany leading from the front is a key condition for a growth-supporting leverage cycle in the Eurozone.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- Headline inflation edged up to the ECB’s 2% target in June, as energy deflation unwound a touch.
- Lower energy and core inflation will pull the rate down to 1.8% in July, where it will stay in August.
- This further drop in inflation over the summer should be enough for a 25bp rate cut in September.
Melanie Debono (Senior Eurozone Economist)Eurozone
- Total HICP inflation prints for the Big Four suggest EZ headline inflation edged up to 2.0% in June.
- The ECB strategy review suggests the central bank is doing the right thing with the right tools; go figure!
- Money data still point to upside risks to GDP, but don’t capture what is happening in net trade.
Melanie Debono (Senior Eurozone Economist)Eurozone
- French and Spanish headline inflation rose in June, pointing to upside risk to our EZ call.
- We are sticking to our forecast for an increase in the EZ headline to 2.0% from 1.9%.
- That marks a small rise, which need not worry the ECB, especially given stable inflation expectations.
Melanie Debono (Senior Eurozone Economist)Eurozone
- Early national data suggest the fall in EZ consumer confidence in June was focused outside the big two.
- The details indicate that risks to spending in Q2 are still to the downside in France and Germany.
- Indeed figures show slowing wage growth in Italy in May, but a pick-up in France and Spain.
Melanie Debono (Senior Eurozone Economist)Eurozone
- Falling oil prices and a strong euro are playing into the hands of ECB doves, for now.
- Services inflation is a key upside risk in the June HICP, but we still see core inflation at 2% by August.
- Fiscal details and a US-EU trade deal could swing the September meeting in favour of ECB hawks.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- German business surveys are on the rise, but the hard data are not; at least, not yet…
- ...The cabinet approved the 2025 supplementary budget; parliament must do likewise by September.
- The rise in public spending and capex will feed through only in Q4 or, more likely, from 2026.
Melanie Debono (Senior Eurozone Economist)Eurozone
- The EZ PMI held steady in June, and averaged broadly the same in Q2 as in Q1…
- ...But EZ GDP will not repeat its 0.6% growth in Q1; we look for GDP to stagnate this quarter.
- Demand is recovering but, once tariff front-running ends, will likely correct; price pressures are easing.
Melanie Debono (Senior Eurozone Economist)Eurozone
- A firm commitment from Germany to spend 5% of GDP on defence would be a rug-pull for Bunds.
- Rising investor sentiment and calmness on the trade front point to decent June survey data this week.
- Early-Q2 data indicate upside risk to GDP growth in France, but we still look for just 0.1% q/q.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- The SNB shied away from a jumbo cut, opting for a 25bp reduction for its sixth straight policy rate cut.
- The policy rate is now at zero; we doubt the SNB can avoid negative rates for long…
- ...We now expect another 25bp cut in September but think the SNB will be back hiking next year.
Melanie Debono (Senior Eurozone Economist)Eurozone
- The EZ current account surplus crashed in April, pulled lower by net trade in goods and services.
- Portfolio in- and outflows in the Eurozone remain strong, but both are now likely peaking.
- Final EZ HICP data leave intact yesterday’s forecast update, save for a small revision to inflation in 2025.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- Inflation in the EZ will settle at 2.0% over the summer, with the core also hitting 2% by August…
- …This should be enough for a final 25bp ECB rate cut in September, to 1.75%, setting up hikes next year.
- We’re lowering our inflation forecasts for 2026, but we’re still well above the ECB’s June projections.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- The SNB is sure to ease this Thursday, and more analysts have joined us in expecting a sub-zero rate.
- Strength in EURUSD is supported by leading indicators, but the recent rally will fade soon.
- Disinflation in core goods from EURUSD at 1.15 is trivial, despite the ECB’s stringent forecast rules.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- EZ industrial production fell in April, as goods exports retreated.
- The increase in tariff rates in April hurt exports, but the main hit came from fading tariff front-running.
- The risks to our calls for net trade and GDP in Q2 are to the downside.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- Post-meeting comments from ECB Council members are mixed, but do not rule out another cut.
- Markets, like us, look for one more rate cut—in September—but it will be a close call.
- The ECB’s wage tracker eased in Q1, in line with other measures; wage growth will remain high.
Melanie Debono (Senior Eurozone Economist)Eurozone
- Investor sentiment rose in June, signalling a rebound in the EZ composite PMI after two straight declines.
- Advance hard data suggest that GDP growth will slow regardless…
- ...We continue to look for EZ GDP to stagnate this quarter, after the 0.6% q/q rise in Q1.
Melanie Debono (Senior Eurozone Economist)Eurozone
