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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: Analysts expect inflation to increase in April, mainly due to fuel. Study: There were 22.8 million dollar millionaires last year, the most since 1997. Today is the last day to exchange invalid banknotes with a thin stripe in banks. Analysts: The CNB Bank Board will further reduce rates, the question is how significantly. Investor confidence in the eurozone economy is the highest since the start of the war in Ukraine. An artificial intelligence project scored again in the Entrepreneurial Head competition. Analysts: Wage growth exceeded market expectations, may support consumption. Spain will introduce a 15 percent tax for large companies, following up on an EU directive. Activity in the eurozone business sector slowed significantly in June. Doosan invests three billion crowns in Pilsen, wants to produce new generators there. Analysts: The development of agricultural producer prices gives hope for cheaper food. Satisfaction with the standard of living of households is greater than with the country's economic situation. The Japanese economy unexpectedly fell by two percent in the first quarter. GDP growth in the first quarter by 0.2 percent was below expectations, hindered by investments. CNB: Czech household debts to banks increased to 2.293 trillion CZK in May. Study: The Czech Republic has the highest corporate income tax among the V4 countries. There is time until the end of June to exchange invalid banknotes in banks. Analysis: The Football Euro will help European airlines, hotels and breweries in particular.

Stock exchanges: Rio Tinto's lithium mining project in Serbia does not harm nature, the company claims. Gas for the European market is getting cheaper, the assumption of a shorter outage in Norway is helping. Mining company Anglo American is preparing a change in strategy, resisting a takeover. Saudi Arabia has launched a secondary sale of shares in the oil company Aramco. Commodity prices are generally increasing on the markets this year, their index added 5.5 percent. The price of copper is at a record high, demand is supported by electric cars and data centers. The price of electricity on the German stock exchange exceeded 100 euros per megawatt hour.

Finance: Kellnerová: After the death of my husband, I got to know PPF, last year I was more decisive. Commerzbank closed the best quarter in 13 years, increased profit by 29 percent. The Hungarian central bank reduced the base interest rate to 7.25 percent. Analysis: Inflation in Central Europe is recovering, in 2024 it should be 3.7 percent in the Czech Republic. Commodity prices on the markets increased in the first half of the year, the index added three percent. Index: Mutual funds lost money in April, but have generally been making money since the beginning of the year. CNB: The number of exchange offices in the country decreased again last year, the situation has improved thanks to inspections. Banks in the US passed the Fed's stress tests, they would survive even a sharp decline in real estate. Banks will pay CZK 4.2 billion to the Guarantee System funds, CZK 2.2 billion less than last year. PPF had a net profit of EUR 1.45 billion in 2023, EUR 164 million a year earlier. Banks provided mortgages worth CZK 23.7 billion in May, up 92 percent year-on-year. Reuters: Central bankers in Central Europe are concerned about the rapid growth of wages. The Swiss National Bank has cut its base rate by a quarter of a point to 1.25 percent. Banks provided mortgages worth 21.9 billion crowns in April, double the year-on-year figure. The Czech National Bank has not changed its mortgage rules, but has introduced a new reserve for banks. The European Central Bank is likely to lower interest rates. The Bank of Japan has not changed its interest rates, but intends to limit bond purchases. PPF Group CEO Jiří Šmejc has ruled out the sale of Air Bank. The net profit of the ČSOB Group in the first quarter increased by 14 percent to CZK 4.1 billion. Index: Mutual funds generally continued to generate profits for investors in May.