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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.

Chartbook Datanotes Daily Monitor

EZ Datanote: Advance Inflation, Eurozone, April 2025 & Unemployment, Eurozone, March 2025

In one line: Inflation held steady, but declines are coming; we are adding a July ECB rate cut. 

Melanie Debono (Senior Eurozone Economist)Eurozone

2 May 2025 Eurozone Monitor Trade uncertainty is now weighing on Eurozone investment

  • We now think EZ investment is falling, mainly due to sustained weakness in machinery and equipment. 
  • Leading indicators for construction and services capex look solid, at least before the tariff shock. 
  • Surveys point to downside risks for inventories in H1, but brace for significant volatility this year.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Advance GDP, EZ, Q1 2025

In one line: GDP growth pick up in Q1 will prove short-lived as trade uncertainty hits. 

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: State CPIs & Unemployment, Germany, April/March 2025

In one line: Germany CPI looks softer than we anticipated, but core inflation rose. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Advance GDP, France, Q1 2025

In one line: Barely growing, and trade uncertainty could well keep it that way in 2025. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

1 May 2025 Eurozone Monitor Eurozone in rude health on the eve of the tariff shock

  • The Eurozone economy was stronger in the first quarter than both we and the ECB expected. 
  • The pick-up in growth will prove short-lived, as trade uncertainty bites down on investment. 
  • Country data point to EZ inflation at 2.1% in April; we still see a chunky upside surprise in the core.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: ESI, EZ, April 2025

In one line: Down but pointing to higher inflation expectations.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: ISTAT Confidence, Italy, April 2025

In one line: Business sentiment sours on pessimism in services.  

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: Money Supply & ECB Inflation Expectations, March 2025

In one line: EZ inflation expectations jumped on the eve of the tariff shock. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Advance GDP, Spain, Q1 2025 & Advance Inflation, Spain, April 2025

In one line: Growth slowed but remained solid; Inflation comes in below expectations.

Melanie Debono (Senior Eurozone Economist)Eurozone

30 April 2025 Eurozone Monitor Spanish GDP growth has further to slow after easing in Q1

  • Spanish growth slowed in Q1 but still comfortably outperformed growth in the rest of the big four. 
  • The SNB is easing policy without cutting rates, signalling a desire to steer clear of negative rates. 
  • Money and credit data remain positive on outlook for the EZ economy but tariffs still threaten. 

Claus Vistesen (Chief Eurozone Economist)Eurozone

April 2025 - EZ Economic Chartbook

UNCERTAINTY OVER GLOBAL TRADE WILL WEIGH ON GROWTH...

  • ...A SHORT TECHNICAL RECESSION IN H2 IS NOW OUR BASELINE

Claus Vistesen (Chief Eurozone Economist)Eurozone

29 April 2025 Eurozone Monitor Where are the Eurozone's key asset prices heading this year?

  • Market expectations for the ECB’s deposit rate to stay below 2.0% next year are a sitting duck. 
  • Bunds are fairly valued at 2.5%; fiscal policy poses upside risk, but trade wars pull in the other direction. 
  • EURUSD is overshooting our models; EZ equities are set to struggle for a while longer.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Retail Sales, Spain, March 2025

In one line: In line with our view that consumer spending growth is now slowing.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: INSEE Business Confidence, France, April

In one line: French industry intends to make hay while the sun is still shining.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: IFO, Germany, April 2025

In one line: Lifted by tariff front-running, still pointing to downside risks to growth. 

Melanie Debono (Senior Eurozone Economist)Eurozone

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independent macro research, Eurozone Document Vault, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence,