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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.

12 January 2026 Eurozone Monitor Data point to relative resilience in France and Germany in Q4

  • 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.

EZ Datanote: ESI and Unemployment, Eurozone, Dec/Nov 2025

In one line: Modestly hawkish as selling prices rise and unemployment dips.

EZ Datanote: Inflation, Switzerland, December 2025

In one line: December inflation confirms that 2026 likely will be an uneventful year for the SNB. 

9 January 2026 Eurozone Monitor Deflation no longer on the cards in Switzerland, nor negative rates

  • 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.

EZ Datanote: EZ Construction PMIs & German Unemployment, December 2025

In one line: A modest improvement in EZ construction; no change in Germany’s labour market.   

EZ Datanote: Retail Sales, Germany, November 2025

In one line: Poor, but still consistent with slightly better growth in Q4.

8 January 2026 Eurozone Monitor December inflation sets up a tense Q1 for the ECB

  • 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.

7 January 2026 Eurozone Monitor ECB doves get a late Christmas gift in Germany's December HICP

  • 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.

6 January 2026 Eurozone Monitor Week in preview: upside risk to EZ inflation, and mixed bag elsewhere

  • 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.

EZ Datanote: PMIs, Switzerland, December 2025

In one line: Dire straits in manufacturing, but big improvement in services.

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Keywords for: Eurozone Documents

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