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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: Economist Hampl: The Czech Republic did not sufficiently realize how the world has changed after 2019. Sales in services continue to grow, in the 2nd quarter they increased by 2.5 percent year-on-year. Czech industry is still in a slump, in June it fell by 3.4 percent year-on-year. Analysts: The revival of consumption is gradual, the reason is concerns about the development of the economy. Reuters: China faces a rise in obesity due to economic problems and automation. Inflation in the US fell to 2.5 percent in August, the lowest in three and a half years. Analysts: Wage growth fell short of expectations, high-income earners are growing faster. Analysis: The share of companies in the Czech Republic that use a virtual office has risen to 25 percent. Retailers' sales accelerated growth in July, but according to analysts, it is still slow. The average wage in the Czech Republic increased by almost four percent in real terms in the second quarter. Saudi oil revenues will fall more than expected this decade, according to the IMF. The number of corporate bankruptcies in Germany increased by almost a quarter in the first half of the year. According to the Ministry of Finance's prediction, the average wage in the Czech Republic could exceed CZK 54,000 within three years. CNB: Czech household debt rose to almost CZK 2.32 trillion in July. The inflation rate in Turkey slowed to 52 percent, high interest rates are helping. Industry and trade did not do well in July, construction increased year-on-year. Survey: Two-thirds of Czechs perceive the current situation as an economic crisis. The German economy will show zero growth this year, the Ifo Institute estimates. Exports from Germany accelerated their decline in June, but industrial production increased. The inflation rate in Germany slowed to 1.9 percent in August. Survey: Electricity and gas are still the dominant energy sources for Czech companies. Inflation in August remained at 2.2 percent, exceeding analysts' and the CNB's estimates. The average wage in the Czech Republic rose to CZK 45,854, growth was below market expectations. Analysis: The purchasing power of Eastern European countries is gradually catching up with the West. Unemployment in Britain unexpectedly fell to 4.2 percent, wages are growing more slowly. CZSO: The savings rate of Czech households fell slightly last year to 19.6 percent. CZSO: Industry and construction continued to decline year-on-year in June, trade remained in the positive.

Stock exchanges: Wood Mackenzie: Replacing China in copper supplies is impractical. Gold price hits another record, surpassing USD 2,550 per troy ounce.

Finance: Hypoindex: Average mortgage rate in September fell by 0.04 points to 5.38 percent. Banking association worsens this year's economic outlook, expects growth of 0.9 percent. Registry: Czech debt rose by 6.7 percent in the second quarter to CZK 3.44 trillion. Reuters: More and more ECB officials are leaning towards a September interest rate cut. IMF agrees with Ukraine to release another USD 1.1 billion. Air Bank Group's net profit in the first half of the year rose by five percent to CZK 1.3 billion. Analysts: The price of gold, which has been breaking records this year, is likely to continue to rise. Analysts: The most advantageous investments include funds with quality bonds. Germany sold part of its stake in Commerzbank to Italy's UniCredit for 702 million euros. In the first half of the year, 4.12 million people had supplementary pension insurance, 100,000 fewer than last year. Analysts: New rules for mortgages may not make early repayment more expensive. Raiffeisen Bank shares weaken after shares of its branch were frozen in Russia. Investors buy back part of Revolut shares, valuing the company at $45 billion. Banks provided mortgages for CZK 23.8 billion in July, up 109 percent year-on-year. MMR: Five annual household incomes are needed to buy an average-sized apartment in the Czech Republic. Among the commodities on the markets this year, gold and cocoa have become more expensive, while cotton and wheat have become cheaper.