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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: China recorded a decline in consumer prices for the first time since February 2021. Inflation continued to slow, falling to 8.8 percent in July. Analysts: Industry is going through a recession, which is only being mitigated by strong car production. Chamber of Commerce: Lack of workers threatens strategically important projects. Czech foreign trade ended in a surplus of 18.2 billion crowns in June. The Czech National Bank slightly improved its estimate of the public finance deficit to 3.8 percent of GDP. The Czech National Bank did not change the interest rate, ended the intervention regime to support the crown. Inflation in the Czech Republic is the fifth highest in OECD countries, a study found. Chinese exports and imports fell by double digits in July, more than expected. The Czech National Bank worsened the economic outlook, expecting GDP growth of 0.1 percent this year. Analysis: The Czech Republic still had the ninth highest inflation in Europe in July despite the decline. The budget deficit at the end of July was 214.1 billion crowns, having fallen since June. Bundesbank: The German economy will probably stagnate again in the third quarter. FT: Chinese companies' interest in mergers and acquisitions in the US is the lowest in almost 20 years. Chamber of Commerce: Excessive administration costs the state and companies billions of crowns. Survey: Companies want to get rid of workers on a contractual basis due to the upcoming changes. The CNB Bank Board perceives the risk of a premature interest rate cut. Kyocera AVX Components' net profit increased year-on-year to 171 million crowns.

Stock markets: Bloomberg: Exxon is in talks with Tesla, VW and other automakers about lithium supplies. The price of gold fell to a five-month low below $1,890 per ounce. Oil is falling due to concerns about the Chinese economy and a stronger dollar.

Finance: China unexpectedly reduced some loan interest rates to support the economy. SAB Finance had a pre-tax profit of 100.1 million crowns in the first half of the year. Turkey will limit the use of credit cards, wants to reduce the outflow of foreign exchange abroad. Index: Most mutual funds made money for investors this year, most of all equity funds. Raiffeisenbank's net profit fell by 21 percent in the first half of the year to 2.37 billion crowns. ČSOB Group's net profit fell by six percent in the first half of the year to 9.5 billion crowns. Revolut will suspend cryptocurrency activities in the United States. The Russian Central Bank surprisingly increased the base interest rate, wants to stop the fall of the ruble. Partners Group expects to open Partners Bank to clients in the spring. Hypoindex: The average mortgage rate fell to 6.19 percent at the beginning of August. The British central bank, as expected, increased the base interest rate to 5.25 percent. CNBC: Fitch agency warns against downgrading the ratings of dozens of banks, including JP Morgan. Komerční banka's profit in the first half of the year fell by 2.9 percent year-on-year to CZK 8.1 billion. Partners received a banking license from the Czech National Bank, the new bank will be called Partners Banka. Association: Non-banking companies provided 5.5 percent more money in the first half of the year. Česká spořitelna's profit fell by 16 percent to CZK 9.3 billion in the first half of the year. Slovaks are facing higher mortgage payments, most households can handle it, according to the authorities. UBS will pay a large fine in the US due to mortgage securities. Société Générale returned to profit in the second quarter. Sberbank reported a record profit of 380.3 billion rubles for the quarter. The Russian Central Bank will not buy foreign currencies until the end of the year. Insurance companies collected 84.7 billion CZK in premiums this year, 5.7 percent more year-on-year. Indian Minister: The dollar will not lose its influence in the global economy for a long time. Analysts expect the Czech National Bank to keep the base interest rate at seven percent.