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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. Analysts: August industrial growth was due to factory-wide holidays at car factories. The Spanish central bank increased its GDP growth estimate to 2.8 percent thanks to tourism. The CNB left the credit market protection reserve rate at 1.25 percent. The WTO improved its estimate of this year's growth in world trade in goods to 2.7 percent. Experts: The Czech economy needs cheaper energy, but it will not get it soon. SAP: The introduction of AI would increase the value of domestic companies by an average of 16 percent. China has invested over USD 100 billion in clean energy abroad since 2023. Analysis: The share of companies in the Czech Republic that use a virtual headquarters has increased to 25 percent. The Czech National Bank has cut its interest rate to 4.25 percent, a decision made by six members of the board. Inflation in Turkey fell below 50 percent in September for the first time in more than a year. SB: China's economic growth will continue to slow next year. Goldman Sachs has improved its outlook for the Chinese economy for this year and next. Analysts expect year-on-year inflation to accelerate in September due to the comparative base. CNB: Czech household debt rose to 2.33 trillion crowns in August. CNB's foreign exchange reserves increased by 7.5 billion to 138.1 billion euros in September year-on-year. Scientists won the Nobel Prize in Economics for research into the impact of institutions on prosperity. Study: Thanks to production at Třinecké železárny, the state has earned 54 billion CZK in 14 years. Analysis: The number of corporate bankruptcies has increased by nine percent this year to 524. The Nobel Prizes for Science will be awarded on Monday, the APA has 22 favorites. The number of hundred-millionaires has increased by 54 percent in ten years, most in China and the USA.

Stock markets: The price of gold has exceeded $2,600 per troy ounce for the first time. Thyssenkrupp is reassessing plans to produce so-called green steel. Of the commodities on the markets this year, cocoa and gold have become more expensive, while steel and corn have become cheaper. The Czech National Bank bought almost five tons of gold in the third quarter, holding 46.41 tons.

Finance: The Chinese central bank is introducing the largest measure to support the economy since the pandemic. The Air Bank Group's net profit in the first half of the year increased by five percent to CZK 1.3 billion. MF: Number of new building savings contracts increased by 4.1 pct in the first half of the year. UniCredit bought more Commerzbank shares, may become the largest shareholder. The Japanese central bank left interest rates unchanged. The British central bank left the base rate at five percent. Pressure is growing in the ECB to further reduce interest rates, Slovak governor Kažimír is against it. The Swiss central bank has reduced the base rate by a quarter of a point to 1.00 percent. The European Central Bank will probably reduce rates in October, the French governor said. Genesis Growth Equity Fund I bought a majority stake in the Slovak company TechPlasty. The IMF has agreed with Ukraine to release another 1.1 billion USD. Survey: Almost 70 percent of Czech adults save for retirement somehow. Index: The average Czech investor in funds earned 8.65 percent this year. EU auditors: Budget errors reached 5.6 percent, fraud persists. Hypomonitor: Mortgage volume fell by 8.1 billion to 24.2 billion CZK in September. Volkswagen's sales fell in the quarter, Moody's lowered the company's rating outlook. Study: Fintech companies' revenues rose last year, but market valuations fell. Bloomberg: Floods in Central Europe will cause significant losses for insurance companies. Survey: The share of Czechs who save over 5,000 CZK per month has risen to 27 percent. Allianz Trade: Global economic growth will remain around 2.8 percent until 2026.