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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: The period of decline in the average real wage is the longest in the history of the Czech Republic. Unemployment in the Czech Republic rose to 3.6 percent, economic stagnation is not reflected in it. Bundesbank: The German economy will probably stagnate again in the third quarter. Inflation in the eurozone remained at 5.3 percent in August, a slowdown in growth was expected. GDP fell year-on-year, but grew quarter-on-quarter, stagnation is expected for the whole year. Russia will begin testing the use of a digital ruble among consumers. Businessmen appeal to the government to remove obstacles to strategic investments. China recorded a decline in consumer prices for the first time since February 2021. Orders from German industry fell, German exporters are now pessimistic. Inflation continued to slow, falling to 8.8 percent in July. Exports from China fell for the fourth consecutive month in August, trade slowdown persists. The Japanese economy accelerated its growth rate to six percent in the second quarter. Industrial production fell in July, construction also fell, trade in deficit. HK analysis: The Czech Republic has exhausted all growth factors, lost its competitive advantages. Inflation in Germany slowed to 6.4 percent in August according to the EU methodology. The inflation rate in Turkey is increasing significantly again, reaching 58.9 percent. The Indian company Adani is facing accusations that it manipulated the price of its companies' shares. UN: Damage caused by the spread of invasive species amounts to approximately USD 423 billion annually. The average wage in the second quarter fell by 3.1 percent in real terms, reaching CZK 43,193. Chamber of Commerce: Excessive administration costs the state and companies billions of crowns. The CNB Bank Board perceives the risk of premature interest rate cuts.

Stock exchanges: Analysts: A global lithium shortage could occur as early as 2025. The price of gold has fallen to a five-month low of below $1,890 per ounce. Oil is falling due to concerns about the Chinese economy and a stronger dollar. Bloomberg: Prices for one of the most popular diamond sizes are falling sharply.

Finance: China has cut interest rates again due to a stalling economic recovery. The six largest banks in the Czech Republic have seen their profits fall by CZK 2.5 billion year-on-year to CZK 37.1 billion. Index: Most mutual funds have made money for investors this year, with equity funds the most. Russia's Sberbank will pay three billion rubles in extraordinary taxes to the budget. UBS will pay a large fine in the US due to mortgage securities. Partners has received a banking license from the Czech National Bank, the new bank will be called Partners Banka. S&P Global agency has downgraded the credit ratings of several US banks. Russian Raiffeisenbank is introducing a fee of 1000 USD for transfers in dollars to Russian accounts. Survey: 81 percent of Czechs are worried about the consolidation package. Survey: A quarter of people in the Czech Republic have encountered a store that stopped accepting cards. Powell: It is not certain whether interest rates are high enough to tame inflation. WSJ: Visa and Mastercard are preparing to increase some fees in the US. CNB will launch a registry that will allow sending money to a phone number. Analysts: The fall in the price of gold is due to the strengthening of the dollar. ČSOB Group's net profit in the first half of the year fell by six percent to 9.5 billion crowns. Fitch agency confirmed the Czech Republic's rating, but the outlook remains negative. Renáta Kellnerová and her family now own the entire PPF investment group. The Russian Central Bank will not buy foreign currencies until the end of the year. The symposium of central bankers in Jackson Hole has begun, Powell's speech is awaited. The Partners Group expects to open Partners Bank to clients in the spring.