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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: According to the Ministry of Finance, Czech GDP will fall by 0.2 percent this year, annual inflation will be 10.9 percent. Unemployment in the EU remained at 5.9 percent in June, one of the lowest in the Czech Republic. CRIF study: 333 bankruptcies of entrepreneurs were declared in July, the lowest this year. Survey: One tenth of companies perceive the impact of the crisis on their business as very significant. The Czech National Bank did not change the interest rate, ended the intervention regime to support the crown. The Czech National Bank's foreign exchange reserves fell by 16.4 billion euros in July year-on-year. The inflation rate in Turkey resumed growth in July, to 47.83 percent. The Czech National Bank Board perceives the risk of premature interest rate cuts. FT: Chinese companies' interest in US mergers and acquisitions is lowest in almost 20 years. Survey: Companies want to lay off workers on a contractual basis due to upcoming changes. Russia to start testing the use of a digital ruble among consumers. Czech inflation is the fifth highest in OECD countries, a study has found. Budget deficit at the end of July was 214.1 billion crowns, falling since June. Analysts: Industry is going through a recession, which is only mitigated by strong car production. CNB: Czech household debts to banks rose to 2.21 trillion crowns in June. Unemployment rose to 3.5 percent, according to analysts, this is a seasonal development. CNB slightly improved its estimate of the public finance deficit to 3.8 percent of GDP. CNB worsened the economic outlook, expecting GDP growth of 0.1 percent this year.

Stock markets: Oil prices fall on concerns about China's economy and stronger dollar. Gold price falls below $1,900 per ounce, lowest since late June. Bloomberg: Exxon in talks with Tesla, VW and other automakers about lithium supplies.

Finance: Česká spořitelna's profit fell by 16 percent in the first half of the year to 9.3 billion crowns. UBS will pay a large fine in the US due to mortgage securities. Moody's agency downgraded the ratings of several American banks. Index: Most mutual funds made money for investors this year, most of all equity funds. Partners' unconsolidated revenues in the first half of the year rose by 17.1 percent to 1.9 billion CZK. Association: Non-banking companies provided 5.5 percent more money in the first half of the year. CNB: Czech banks and insurance companies are quite resilient to economic deterioration. The Japanese central bank surprisingly changed its yield curve management policy. The ECB, as expected, raised the base interest rate by a quarter of a percentage point. The S&P Global agency lowered the credit ratings of several American banks. Hypoindex: The average mortgage rate fell to 6.19 percent at the beginning of August. Payment company PayPal launched its own stablecoin pegged to the dollar. British bank HSBC more than doubled its half-year profit thanks to high interest rates. Partners Group expects to open Partners Bank to clients in the spring. Broker Consulting revenues grew by 5.7 percent last year to 2.8 billion crowns. Raiffeisenbank's net profit fell by 21 percent to 2.37 billion crowns in the first half of the year. The Fed, as expected, raised interest rates by 0.25 percentage points. S&P downgrades Casino chain to junk status. China unexpectedly cuts some lending rates to boost economy. Russia's central bank won't buy foreign currency until end of year. China cuts interest rates again as economic recovery stalls. Profits of six largest banks in Czech Republic fall by CZK 2.5 billion to CZK 37.1 billion year-on-year. Revolut to suspend cryptocurrency activities in US. Analysis: Corporate bond issuance rises to CZK 11 billion in May.