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.
In one line: New year, newfound optimism.
In one line: Q4 was better than Q3.
In one line: Industry slowed sharply in Q4, but goods spending likely accelerated.
In one line: Spanish industry had a solid November.
In one line: Strong manufacturing, but plunging exports.
- A jump in German manufacturing points to upside risk to Q4 GDP, but we still see a modest 0.2% rise.
- We’re lifting our Q4 growth forecast in France, by 0.2pp to 0.1%, due to strength in our nowcast model.
- Evidence of robust Q4 GDP in France and Germany will be reassuring news for the ECB.
In one line: Modestly hawkish as selling prices rise and unemployment dips.
In one line: Still high, but not a decisive hawkish signal for the ECB
In one line: December inflation confirms that 2026 likely will be an uneventful year for the SNB.
In one line: Sizzling, but at odds with weakening surveys.
- Swiss CPI in December eliminates the risk of deflation, as well as questions about negative rates.
- German factory orders rose strongly midway through Q4, but surveys signal downside risks.
- Falling unemployment and rising selling prices in the ESI tilt hawkish after dovish December inflation data.
In one line: The ECB’s December forecasts now look too hawkish.
In one line: A modest improvement in EZ construction; no change in Germany’s labour market.
In one line: Poor, but still consistent with slightly better growth in Q4.
- EZ inflation shifted dovishly in December, setting up a bigger drop in Q1 than the ECB expected…
- …The ECB prefers to sit out near-term volatility in inflation; that preference will be tested in Q1.
- German retail sales growth likely improved slightly over Q4, despite the fall in November.
In one line: Still very dovish.
- Risks have swung to a downside surprise in today’s EZ HICP, and the ECB’s forecasts being too hawkish.
- Markets are currently pricing in almost no chance of a further rate cut in H1; that will change soon.
- The EZ PMI is holding on for a gain over Q4, but the direction of travel across the quarter is downward.
- We look for an upside surprise in this week’s EZ December inflation data, but all eyes are now on Q1.
- Switzerland likely fell into deflation in December, but the SNB remains poised to hold rates steady in Q1.
- We think EZ retail sales beat the consensus in November, but manufacturing likely weakened.
In one line: Dire straits in manufacturing, but big improvement in services.