Further info in case it may be of use:
I'm shooting raw with a Sony alpha 55 and a sigma 10-20mm @10mm for panos.
The camera is set to use the AdobeRGB profile. I usually use Lightroom [4.x] to make 16-bit TIFFs of the images with some basic exposure processing. Sometimes I use RawTherapee instead [it has finer control over noise reduction]. My displays are profiled using Dispcalgui/Argyll CMS [under Windows, yes].
Previews using the 16bpc TIFFs display as expected, but no renders expose correctly, regardless of image content.
Using enblend with --no-ciecam gives "expected" results. Without it, images are always as described by the OP.
Using the sRGB profile instead of AdobeRGB from the camera makes no difference. Rendering my intermediates as sRGB [converting colour spaces before Hugin] also makes no difference.