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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.
The medium-term outlook for EZ equities has improved significantly in the past 12 months...
...But earnings expectations have to fall further in the near term, weighing on prices over the summer.
EZ manufacturing will slow sharply in Q2; core inflation pressures in France have intensified.
The euro area’s primary budget balance swung to a significant deficit during the pandemic.
We think the primary deficit will narrow through 2024, but the balance will remain in the red.
Net interest costs will rise, but we think the debt-to-GDP ratio will fall, due to robust nominal growth.
In one line: Core and food inflation climbed; energy inflation fell, a bit.
In one line: An upside surprise, but threats still loom.
We still think German GDP growth will pick up a bit in Q2, as services activity improves.
But the economy probably will fall into recession in the second half of the year.
We now see full-year growth in 2022 at just 1.5-to-1.6%, with the same pace likely in 2023.
In one line: Ugly; production did well in Q1, but it will fall sharply in Q2.
In one line: Grim; brace for a big downside surprise in production tomorrow.
In one line: Stung by a collapse in exports to Russia; imports are still rising sharply.
EZ unemployment was still falling by the end of Q1, defying the initial shock over the war in Ukraine.
The rate of improvement in the EZ labour market is now slowing, but it won’t stall.
Discretionary spending on goods in Germany is under pressure from higher inflation.
In one line: Robust, consistent with the surveys.
Inflation rose again in April, and the risk is that it will creep even higher as price increases broaden.
Energy inflation should continue to fall, but will remain elevated through Q2, at least.
The ECB will have to lift its inflation forecasts in June before starting to hike rates, probably in September.
In one line: Germany avoids recession; Italian economy contracts on the back of a fall in net trade.
The electricity price cap in Spain means energy inflation there will fall further than previously thought.
German food and core inflation surprised to the upside in April, offsetting the fall in energy inflation.
Today's EZ release will show a smaller fall than we previously forecast; to 7.0% from 7.4% in March.
In one line: Another rise, despite a confirmed fall in energy inflation.
In one line: Consumer sentiment nosedives.
EZ producer output price inflation has been surging recently, on the back of higher energy prices.
All signs point to a fall in the rate in the coming months, which would weigh on the CPI headline.
We concede, though, that the risks to this call are to the upside, and largely related to energy.
The fall in the EZ budget deficit slowed in Q4, as governments ramped up fiscal support again.
We look for a smaller fall in the budget deficit this year than last, despite strong automatic stabilisers.
France’s electorate voted to maintain the status quo, but low turnout means Macron cannot rest easy yet.
EZ economic activity accelerated heading into the second quarter...
...All thanks to a pick-up in services activity; manufacturing nearly stalled, as German output fell.
We expect GDP growth to accelerate in Q2, barring an immediate embargo on Russian energy imports.
In one line: A drop in manufacturing output is dragging on activity heading into Q2.
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