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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: ČNB: The balance of payments ended the 2nd quarter with a deficit of CZK 3.7 billion. SB: The growth of the Chinese economy will continue to slow down next year. Analysts: The development of prices in agriculture indicates the end of food cheapening. Inflation in the US slowed to 2.4 percent in September, a more significant decline was expected. Survey: 56 percent of small entrepreneurs considered closing their businesses. A chip development center began operating in Brno in cooperation with Taiwan. Inflation accelerated to 2.6 percent in September, contributed to by rising food prices. The CNB lowered the interest rate to 4.25 percent, a decision made by six board members. Analysis: Trade between Britain and the EU has fallen by more than a quarter over the past three years. Inflation in Turkey fell below 50 percent in September for the first time in more than a year. The number of hundred-millionaires has increased by 54 percent in a decade, most in China and the US. The IMF chief expects weak growth and high debt in the medium term. Analysis: 4,088 entrepreneurs went bankrupt in the Czech Republic this year, up seven percent year-on-year. The Czech National Bank plans to increase the share of stocks in foreign exchange reserves, strengthening the share of American stocks. AP: The Olympics were a success for Paris, but a disaster for some companies. Analysts: August's industrial growth was due to factory-wide holidays at car factories. Poles are upset that Draghi did not talk to them when writing the report on Europe's lagging behind. The Nobel Prizes for Science will begin on Monday, the APA has 22 favorites. Czech society has become richer in 35 years, but also more comfortable, said Petr Doškář from the Ministry of Industry and Trade. The CNB's foreign exchange reserves increased by 7.5 billion to 138.1 billion euros in September year-on-year.

Stock exchanges: Silver climbed to a 12-year high, gold is also breaking records. The CNB bought almost five tons of gold in the third quarter, now holding 46.41 tons. The price of gold exceeded $2,600 per troy ounce for the first time. Economist: Gold investors have made around ten percent in real terms since Covid.

Finance: The quarterly profit of Bank of America and Citigroup fell, Goldman Sachs earned more. EU auditors: Budget errors reached 5.6 percent, fraud persists. Pressure is growing in the ECB to further reduce interest rates, Slovak Governor Kažimír is against it. The world's longest-serving central bank chief may get another term. Allianz Trade: Global economic growth will remain around 2.8 percent until 2026. Partners Bank has 70,000 clients in six months, more than other new banks. Analysts: Floods in Central Europe may cause losses of up to billions of euros. South Korea's central bank has cut interest rates for the first time in more than four years. Analysis: Banks are cutting savings account interest rates, the highest are around four percent. Morgan Stanley bank increased quarterly profit by a third to $3.2 billion. Hypomonitor: Mortgage volume fell by 8.1 billion to 24.2 billion CZK in September. Russia's central bank raised the base interest rate by one percentage point to 19 percent. Boeing needs up to $35 billion, is struggling with production problems and strikes. China's central bank has cut interest rates, will consider further support by the end of the year. CNB: Banks' net profit rose by eight percent in the first half of the year to CZK 59.9 billion. China's central bank is introducing the largest economic support measure since the pandemic. ECB has cut interest rates by a quarter of a percentage point, the deposit rate is at 3.25 percent. The European Central Bank will probably cut rates in October, the French governor said. Genesis Growth Equity Fund I bought a majority stake in the Slovak company TechPlasty. Index: The average Czech investor in funds earned 8.65 percent this year. Survey: 14 percent of Czechs have no financial reserves.