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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: The budget deficit will be a maximum of 231 billion CZK next year, the state will not abolish the windfall tax. Analysts: The June slump in construction indicates a major problem in the sector. Inflation in China surprisingly accelerated to 0.5 percent, production prices are falling. Inflation in Poland increased for the fifth month in a row in August, amounting to 4.3 percent. Moody's: The largest number of Russian-owned companies in the EU is registered in the Czech Republic. Prices in industry in the Czech Republic accelerated growth, in agriculture they slowed down the decline. The average wage in the Czech Republic increased to 45,854 CZK, the growth was below market expectations. According to the Ministry of Finance's prediction, the average wage in the Czech Republic could exceed 54,000 CZK within three years. Analysts: Consumption recovery is slow, due to concerns about economic development. Industry and trade did not do well in July, construction grew year-on-year. IfW: German economy will continue to decline this year. Inflation remained at 2.2 percent in August, exceeding analysts' and CNB estimates. Czech industry continues to be in decline, falling by 3.4 percent year-on-year in June. CZSO: Czech household savings rate fell slightly to 19.6 percent last year. Saudi oil revenues will fall more than expected this decade, according to the IMF. Analysts: June foreign trade surplus significantly exceeded market estimates. Study: 400 entrepreneurs went bankrupt in July, the least this year. Exports from Germany accelerated their decline in June, but industrial production increased. PwC: The number of mergers and acquisitions in the Czech Republic was the lowest in six years in the first half of the year. Analysts: The August deterioration in sentiment among companies and consumers is disappointing. The Japanese economy grew significantly faster than expected in the quarter. Analysis: The purchasing power of Eastern European countries is gradually catching up with the West. Inflation in the Czech Republic accelerated to 2.2 percent in July, making it the 15th lowest in Europe. Inflation in the US was the lowest in more than three years in July. Sales in services continue to grow, increasing by 2.5 percent year-on-year in the second quarter.

Stock markets: BHP and Ludnin buy copper miner Filo for 4.5 billion Canadian dollars. Wood Mackenzie: Replacing China in copper supplies is impractical.

Finance: It's time to cut interest rates, said the head of the US central bank. Index: Mutual funds generally continued to make money for investors in July. The six largest banks in the Czech Republic have increased their net profit by six percent this year to 39.5 billion CZK. FT: Fintech company Revolut is preparing to sell shares for up to 500 million dollars. Jet Investment Group has sold the Třebíč-based Tedom group to the Japanese Yanmar Group. Analysts: The most advantageous investments include funds with quality bonds. Reuters: More and more ECB officials are leaning towards a September interest rate cut. Banks provided mortgages worth 23.8 billion CZK in July, up 109 percent year-on-year. The Banking Association has worsened this year's economic outlook, expecting growth of 0.9 percent. Analysis: Banks are reducing interest rates on savings accounts, the highest of which is generally below five percent. Česká spořitelna's net profit in the first half of the year rose by a third to CZK 12.4 billion. UniCredit Bank: Wealth is concentrated in men's accounts. Creditas bought an office building project in Prague's Karlín district from Sekyra Group. Buffett's Berkshire Hathaway increased its profit by 15 percent to USD 11.6 billion. J&T Bank's net profit rose by 27 percent to CZK 3.94 billion in the first half of the year. The British central bank has reduced the base interest rate by a quarter of a point to five percent. Registries: Czechs' debt in the second quarter rose by 6.7 percent to CZK 3.44 trillion. Hypoindex: The average mortgage rate in September fell by 0.04 points to 5.38 percent.