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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: Industry and trade did not do well in July, construction grew year-on-year. Sales in services continue to grow, in the 2nd quarter they increased by 2.5 percent year-on-year. Analysts: Wage growth fell short of expectations, high-income earners are growing faster. Saudi oil revenues will fall more than expected this decade, according to the IMF. Italian industrialists support a return to nuclear power in order to reduce energy costs. Czech GDP grew by 0.6 percent in the 2nd quarter, according to analysts it is still held back by industry. The inflation rate in Turkey has slowed to 52 percent, high interest rates are helping. According to the Ministry of Finance, the average wage in the Czech Republic could exceed CZK 54,000 within three years. Retailers' sales accelerated growth in July, but according to analysts, it was still slow. Economist Hampl: The Czech Republic did not sufficiently realize how the world had changed after 2019. Analysis: The share of companies in the Czech Republic that use a virtual office rose to 25 percent. SAP: The introduction of AI would increase the value of domestic companies by an average of 16 percent. The Japanese economy grew significantly faster than expected in the quarter. Prices in industry and construction grew in August, while prices in agriculture fell again. onsemi: Without an investment incentive, production in Rožnov could not have expanded. CNB: Czech household debt rose to almost CZK 2.32 trillion in July. The Japanese economy grew at a rate of 2.9 percent in the second quarter, more was expected. AP: The Olympics were a success for Paris, but a disaster for some companies. Analysts: The August deterioration in business and consumer sentiment is disappointing. The inflation rate in Germany slowed to 1.9 percent in August. Study: 400 entrepreneurs went bankrupt in July, the lowest this year. The number of hundred-millionaires has increased by 54 percent in ten years, most in China and the US. Analysis: Trade between Britain and the EU has fallen by more than a quarter in the last three years. Excellent: Foresters will receive 2 billion CZK instead of 500 million for farming next year. Inflation in the US was the lowest in more than three years in July. Survey: The heads of the largest British companies have record incomes last year.

Stock markets: The price of gold has exceeded 2,500 dollars per troy ounce for the first time in history. The price of gold is at another record high, surpassing USD 2,550 per troy ounce.

Finance: The six largest banks in the Czech Republic have seen their net profit increase by six percent this year to CZK 39.5 billion. Survey: Almost 70 percent of Czech adults save for retirement somehow. MF: The number of new building savings contracts increased by 4.1 percent in the first half of the year. Registry: Czechs' debt increased by 6.7 percent in the second quarter to CZK 3.44 trillion. Survey: People no longer insist on owning their own homes, only less than half want it anymore. MMR: Five annual household incomes are needed to buy an average-sized apartment in the Czech Republic. J&T Banka's net profit increased by 27 percent to CZK 3.94 billion in the first half of the year. The profit of the largest Swiss bank UBS in the second quarter exceeded expectations. The net profit of the ČSOB group in the first half of the year rose by two percent to 9.5 billion CZK. Fitch downgraded Israel's rating due to increased tension in the Middle East. UniCredit Bank: The disadvantage of investing in residential real estate has decreased. Index: Mutual funds generally continued to make profits for investors in July. Banks provided mortgages for 23.8 billion CZK in July, 109 percent more year-on-year. The time has come to reduce interest rates, said the head of the US central bank. The Hungarian central bank has interrupted the reduction of interest rates. In the first half of the year, 4.12 million people had supplementary pension insurance, 100,000 fewer than last year. Germany sold part of its stake in Commerzbank to Italy's UniCredit for 702 million euros.