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Eurozone Publications

Below is a list of our Eurozone Publications for the last 6 months. If you are looking for reports older than 6 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.

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15 Aug 2022 Eurozone Monitor EZ Manufacturing did Well in Q2, but it will Slow in Q3 and Q4

Industrial output rose in Q2, but leading indicators still point to a difficult H2.

Core inflation in France was still soaring at the start of Q3; the HICP rate could hit 5% by December.

We’re lifting our EZ inflation forecasts; we see no relief for the ECB in the next few months.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Industrial production, EZ, June 2022

In one line: Add low water levels in European rivers to the long list of factors that will weigh on industrial output in H2. 

Melanie Debono (Senior Eurozone Economist)Eurozone

8 Aug 2022 EZ Monitor H2 will be Difficult for EZ Manufacturing

Industrial production firmed in Germany, France and Spain in June, but it fell in Italy.

Advance data suggest that EZ industrial production was unchanged in June, factoring-in a fall in Ireland.

Industrial output fell by less than we feared in Q2, but leading indicators still point to a difficult H2.

Claus Vistesen (Chief Eurozone Economist)Eurozone

5 Aug 2022 EZ Monitor If polls are right, Italy will soon get a right-wing government

If polls are to be believed, the next Italian government will be formed of a right-wing coalition.

This does not change the near-term outlook for the Italian economy; it will be in recession by Q4.

Markets shouldn’t fear the right wing, but equally they should not forget its unpredictability.

Claus Vistesen (Chief Eurozone Economist)Eurozone

3 Aug 2022 EZ Monitor The German Economy is Likely in Recession; When is the Recovery?

Risks are tilted towards a downward revision of Q2 GDP growth in Germany, to a small contraction.

Near-real-time data in Germany are holding up, but surveys and real M1 growth are terrible.

Germany is now likely in recession; we expect tentative signs of a rebound by Q1-23.

Claus Vistesen (Chief Eurozone Economist)Eurozone

29 July 2022 EZ Monitor German core HICP inflation is still rising; it will peak in September

HICP core inflation in Germany rose further in July; it will peak in September, at just under 4%.

Energy inflation in Germany is now falling, but upside risks in gas and electricity are still substantial.

ESI sank in July, adding to the evidence of a significant slowdown in the EZ economy.

Claus Vistesen (Chief Eurozone Economist)Eurozone

28 July 2022 EZ Monitor Italian Surveys Softened in July; EZ Real M1 Growth is still Depressed

The slowdown in real M1 growth continues to suggest that the EZ economy is now in recession.

ISTAT’s ESI for Italy for July supports our view that Italy, with Germany, will be drags on EZ activity in Q3.

Consumers are shifting their attention to the worsening economic environment.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Money Supply, Eurozone, June & ISTAT ESI, Italy, July

In one line: Money supply data support our call that the EZ is heading into a recession; the Italian economy started Q3 on the back foot.

Melanie Debono (Senior Eurozone Economist)Eurozone

EZ Datanote: INSEE Consumer Confidence, France, July 2022

In one line: Grim, but one-off factors should support income and spending in Q3.

Claus Vistesen (Chief Eurozone Economist)Eurozone

21 July 2022 EZ Monitor Europe remains exposed to a quick end to Russian gas flows

Russian gas will soon flow to Europe again, but at a severely reduced rate; a full shutdown remains likely.

The IMF estimates that Europe will be short some 50bcm gas if Russian supplies are halted, at best.

Only demand compression, via higher prices and or rationing, solves this problem; it will sting.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: Advance Consumer Confidence, Eurozone, July 2022

In one line: A new record low and further falls are likely as incomes continue to be squeezed.

Melanie Debono (Senior Eurozone Economist)Eurozone

11 July 2022 EURUSD is about to Hit Parity, and We See Little Reason to Buy

EURUSD is closing in on parity and it won’t stop falling there; don’t buy the dip yet.

We think French GDP rose by 0.4-to-0.5% q/q in Q2, better than the INSEE estimate...

...But we are less optimistic than the statistical office on H2; we see growth of just 0.1% in Q3 and Q4.

Claus Vistesen (Chief Eurozone Economist)Eurozone

8 July 2022 No Wage-Price Spiral this Year, but Next Year Could be Different

Wages are rising across the Eurozone’s largest economies, but nowhere near as quickly as inflation.

The squeeze on incomes will ease over the coming months as inflation falls, but it will remain severe.

A wage-price spiral is a risk for markets and the ECB next year, even with ’normal’ real wage growth.

Claus Vistesen (Chief Eurozone Economist)Eurozone

7 July 2022 Is Germany Already in Recession? It's a Tight Call, but We Think So

Germany is now likely in recession, but net trade in services is a wild card for the Q2 GDP print.

By contrast, we are revising up our Spain Q2 GDP forecast, again; we now look for a 1.0% q/q rise.

Inflation was weighing on retail sales mid-way through Q2, but spending probably still rose.

Claus Vistesen (Chief Eurozone Economist)Eurozone

EZ Datanote: EC Sentiment, Eurozone, June 2022

In one line: GDP growth will still be decent in Q2, but a recession is coming in H2.

Melanie Debono (Senior Eurozone Economist)Eurozone

29 June 2022 Sinking EZ Consumer Confidence Looks Grim, but this isn't the GFC

Consumer confidence in the Eurozone is still falling, and we see little relief in the near term.

Household sentiment is consistent with our forecast for falling consumers’ spending in H2...

...But the slowdown won’t feel anywhere near as bad as in 08 and 11/12, when activity was crushed.

Claus Vistesen (Chief Eurozone Economist)Eurozone

27 June 2022 Are Bond Markets Moving from Inflation to Growth Fears?

Bond markets are starting to take a more nuanced view of the data; are inflation fears fading?

The fall in the IFO BCI in June suggests a German recession is coming, consistent with our baseline.

Italy’s IESI held up in June, but consumers are now feeling the pinch from soaring inflation.

Claus Vistesen (Chief Eurozone Economist)Eurozone

PM Datanote: IFO, Germany, June & ISTAT ESI, Italy, June 2022

In one line: IFO remains recessionary; rise in IESI hides tanking consumer confidence.

Claus Vistesen (Chief Eurozone Economist)Eurozone

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