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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: Consumer confidence in the US has fallen, but inflation expectations have improved. The koruna has weakened by tens of cents after the CNB's decision to end interventions. The CNB's decision on interest rate stability was unanimous. Analysis: Despite the decline in July, the Czech Republic still had the ninth highest inflation in Europe. The CNB has slightly improved its estimate of the public finance deficit to 3.8 percent of GDP. The budget deficit at the end of July was 214.1 billion crowns, having fallen since June. The US economy surprisingly accelerated growth to 2.4 percent in the second quarter. Inflation in Germany resumed its decline in July, falling to 6.5 percent. The CNB has worsened the economic outlook, expecting GDP growth of 0.1 percent this year. Czech state debt exceeded three trillion crowns for the first time in the first half of the year. Chamber of Commerce: Lack of workers threatens strategically important projects. Eurozone inflation fell to 5.3 percent in July, according to a quick estimate. Survey: Companies want to get rid of workers on a contractual basis due to upcoming changes. Unemployment in the EU remained at 5.9 percent in June, among the lowest in the Czech Republic. FT: Interest of Chinese companies in mergers and acquisitions in the US is the lowest in almost 20 years. Kyocera AVX Components' net profit increased year-on-year to 171 million crowns. Czech National Bank's foreign exchange reserves fell by 16.4 billion euros in July year-on-year. Russia will begin testing the use of a digital ruble among consumers. Turkey's inflation rate resumed growth in July, reaching 47.83 percent.

Stock exchanges: Bloomberg: Exxon is negotiating with Tesla, VW and other automakers about lithium supplies.

Finance: Trinity Bank's gross profit rose by 37 percent to 427 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. Moody's agency has downgraded the ratings of several American banks. Česká spořitelna's profit fell by 16 percent to 9.3 billion crowns in the first half of the year. Moneta's net profit fell by 13.7 percent year-on-year to 2.5 billion crowns in the first half of the year. ECB officials signaled that the end of interest rate increases in the eurozone is approaching. Index: Most mutual funds made investors money this year, most of all equity funds. Reuters: Broker eToro sells shares for $120 million on the secondary market. Revolut suspends cryptocurrency activities in the United States. CNB: Czech banks and insurance companies are quite resilient to economic downturn. The number of exchange offices in the Czech Republic has been decreasing for a long time, with six more leaving the market last year. The Russian central bank will not buy foreign currencies until the end of the year. Analysts expect the CNB to keep its key interest rate at seven percent. British bank HSBC more than doubled its half-year profit thanks to high interest rates. The net profit of the ČSOB group fell by six percent in the first half of the year to 9.5 billion crowns. 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. KB survey: Over two-thirds of Czechs now pay exclusively cashless. The six largest banks in the Czech Republic saw their profits fall by 2.5 billion to 37.1 billion CZK year-on-year. Association: Non-banking companies provided 5.5 percent more money in the first half of the year. Komerční banka's profit in the first half of the year fell by 2.9 percent to 8.1 billion CZK. Partners' unconsolidated revenues in the first half of the year rose by 17.1 percent to 1.9 billion CZK. The British central bank, as expected, increased the base interest rate to 5.25 percent. Broker Consulting's revenues grew by 5.7 percent to 2.8 billion CZK last year. Survey: Czechs continue to move savings from current accounts to savings accounts.