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: Revised up despite another drag from net trade.
In one line: Orders rise again, boosted by major orders.
In one line: Spanish industry outperforms its French counterpart early in Q4.
In one line: Not much of a start to Q4.
In one line: Swiss economy still struggling according to PMI.
In one line: Still very poor.
- The EZ composite PMI was revised up in November, pointing to stronger growth in Q4...
- ...But early hard data for October are weak, and the PMI points to softness in construction.
- Switzerland’s PMIs suggest recession risk remains despite the US-Swiss trade deal.
- Swiss inflation is now at the bottom end of the SNB’s 0-to-2% inflation target range.
- It will likely fall further in the near term, to a trough of -0.2% or so, before rising gradually.
- The SNB will ignore sub-zero inflation; it is focused on inflation in the medium term. SNB easing is over.
In one line: Inflation has further to fall, but SNB easing is done.
In one line: Too hot for a December cut, but dovish data in food and core goods.
In one line: Steady near record lows.
- EZ inflation surprised slightly to the upside in November, matching our forecast.
- Energy inflation is being lifted by widening refining margins but is still low, and set to plunge in January.
- Core goods inflation is likely stabilising at just over 0.5%, with services set to drift lower into 2026.
- Italian GDP was held back in Q3 by another drop in inventories; these should rebound next year…
- ...Growth will pick up in 2026 as the outlook for net trade is also now brightening.
- In Switzerland, GDP will bounce back in Q4 from the drop in Q3, but growth will slow next year.
In one line: Upside risk to German core inflation.
In one line: Q4 will be better.
In one line: Households' inflation expectations stubbornly above ECB target.
In one line: Downside risk to EZ core inflation, relative to our forecast.
In one line: Spanish households' spending spree is coming to an end.
In one line: Plateauing after strong growth earlier in the year.
- A hawkish German HICP keeps our forecast for Eurozone headline inflation at 2.2% for November…
- …but the details in Friday’s early EZ inflation numbers, however, tilt dovish, especially for the core.
- EZ retail sales likely had a slow start to Q4, due to weakness in Spain and Germany.
