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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: Unemployment rose to 3.5 percent, according to analysts it is a seasonal development. Survey: One in ten companies perceives the impact of the crisis on their business as very significant. The inflation rate in Turkey resumed growth in July, to 47.83 percent. Chinese exports and imports fell by double digits in July, more than expected. Analysis: The Czech Republic still had the ninth highest inflation in Europe in July despite the decline. According to a quick estimate, inflation in the eurozone fell to 5.3 percent in July. The budget deficit at the end of July was 214.1 billion crowns, having fallen since June. The Japanese economy accelerated its growth rate to six percent in the second quarter. The decision of the CNB Bank Board on interest rate stability was unanimous. Analysts: The industry is going through a recession, which is only mitigated by strong car production. Kyocera AVX Components' net profit increased year-on-year to 171 million crowns. FT: Interest of Chinese companies in mergers and acquisitions in the US is the lowest in almost 20 years. IMF improved its estimate of global economic growth, but inflation will fall more slowly. CNB: Czech household debts to banks rose to 2.21 trillion crowns in June. CNB's foreign exchange reserves fell by 16.4 billion euros in July year-on-year. Consumer confidence in the US fell, but inflation expectations improved. CNB worsened the economic outlook, expecting GDP growth of 0.1 percent this year. CNB's Bank Board perceives the risk of premature interest rate cuts.

Stock markets: Bloomberg: Exxon is in talks with Tesla, VW and other automakers about lithium supplies.

Finance: Insurance companies collected 84.7 billion CZK in premiums this year, up 5.7 percent year-on-year. The Japanese central bank surprisingly changed its yield curve management policy. China unexpectedly reduced some loan interest rates to support the economy. Chinese real estate giant warns of high losses, concerns about the real estate sector grow. Reuters: Broker eToro will sell shares on the secondary market for 120 million dollars. The number of currency exchange offices in the Czech Republic has been decreasing for a long time, with six more leaving the market last year. Most EU banks would be able to handle a sharp economic downturn, according to a stress test. Trinity Bank's gross profit rose by 37 percent in the first half of the year to 427 million CZK. Moneta's net profit in the first half of the year fell by 13.7 percent year-on-year to 2.5 billion CZK. Survey: Czechs continue to shift savings from current accounts to savings accounts. UBS to pay a large fine in the US due to mortgage securities. Index: Most mutual funds have made profits for investors this year, most of all equity funds. UBS to pay a fine of 388 million USD due to Credit Suisse's misconduct in the Archegos case. Allianz Trade still expects the global economy to recover in the middle of next year. Analysis: The volume of issued corporate bonds rose to 11 billion CZK in May. The Russian Central Bank surprisingly increased the base interest rate, wants to stop the fall of the ruble. The six largest banks in the Czech Republic saw profits fall by 2.5 billion CZK year-on-year to 37.1 billion CZK. ECB officials signaled that the end of interest rate increases in the eurozone is approaching. Komerční banka's profit in the first half of the year fell by 2.9 percent year-on-year to 8.1 billion CZK. SAB Finance had a pre-tax profit of 100.1 million crowns in the first half of the year. The Russian Central Bank will not buy foreign currencies until the end of the year. CNBC ranked the Czech company Spendee among the 200 best fintech companies in the world. As expected, the ECB raised the base interest rate by a quarter of a percentage point. As expected, the Fed raised interest rates by 0.25 percentage points. The Russian Central Bank raised the base interest rate to 8.50 percent, surprising the market. According to the Czech Banking Association index, the financial literacy of Czechs has not changed.