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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 British economy shrank slightly in the third quarter, recession looms. The Japanese economy shrank by 2.9 percent in the third quarter, less than expected. The global value of mergers and acquisitions fell below three trillion dollars this year. The CNB Bank Board disagrees on further rate cuts. 2024 will bring a reduction in tax credits, an increase in property tax, and changes to VAT. CNB: The balance of payments ended the third quarter with a surplus of CZK 4.6 billion. Real sales of Slovak retail fell for the tenth month in a row in November. Frolík: The Czech Republic lacks a long-term strategy agreed across the political spectrum. Analysts: The construction market cannot be expected to recover, it will fall even further this year. BCG data: The Czech Republic closed the fewest mergers in the third quarter since 2014. According to analysts, the outcome of the CNB's negotiations on interest rates is uncertain. The inflation rate in Turkey accelerated to 64.8 percent in December, the highest in a year. One of the most cited Czech economists, Milan Zelený, has died at the age of 81. Analysts estimate December inflation between 7.2 and 7.5 percent and 10.8 percent for the year. Business activity in the eurozone surprisingly decreased again in December. Survey: Companies expect higher inflation in 2024 as well, three quarters above five percent. Study: People underestimate wealth inequalities between the rich and the poor. Experts: The decline in the construction industry is not surprising, production will start to grow this year. Stock: The trend of lower consumption of spirits continues, next year it will be affected by higher taxes. CRIF: 659 bankruptcies of companies were declared last year, 40 less than a year earlier. CNB: The Czech Republic's external debt rose to CZK 4.546 trillion in the third quarter. Analysts: GDP is held back by household consumption, companies maintain increasingly high profitability. According to analysts, October's industrial growth was more of a fluctuation than a change in trend. CNB Vice Governor: The decision to adopt the euro requires a broader political consensus. CNB: Czech household debts to banks rose to CZK 2.244 trillion in November. The state collected CZK 1.39 trillion in taxes last year, 17 percent more year-on-year. Survey: Inflation is feared by 49 percent of Czechs, it is the main source of concern.

Stock markets: CNBC: Copper prices could rise by more than 75 percent in the next two years. The price of cocoa on the London market has risen by the most since 1989 this year.

Finance: The Israeli central bank has cut its base interest rate by a quarter of a percentage point. Retail investors invest significantly more in ETFs than institutions, a survey has found. Index: Mutual funds made significant profits for investors in November. Hypoindex: The average mortgage rate rose to 6.02 percent in early December. The Russian central bank has raised the base interest rate to 16 percent, as expected. Hungary has the highest debt service costs in the entire European Union. The large Chinese shadow bank ZEG has entered bankruptcy proceedings. The US public debt has exceeded the $34 trillion mark for the first time. Iran and Russia will not trade in dollars, but in their own currencies. Bloomberg: SpaceX offered more shares, the company's value exceeds 175 billion USD. Hungary's central bank lowered the base interest rate by 75 points to 10.75 percent. The British central bank did not change interest rates, it wants to keep them high for longer. ČSOB analysts: Inflation in the Czech Republic will fall next year, GDP growth will be weak. The value of American households' assets fell for the first time in a year in the third quarter. The US central bank did not change interest rates, but indicated that they would be reduced next year. The Turkish central bank increased the base interest rate to 42.5 percent.