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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: AI will be the biggest bubble of all time, believes the director of Stability AI. Most Czechs continue to fear poverty due to inflation, but the number has decreased slightly year-on-year. Analysts: The labor market remains overheated, the economic slowdown has not been reflected. Czech state debt exceeded three trillion crowns for the first time in the first half of the year. Analysts: The development of Czech industry is very uncertain in the coming months. IMF improved its estimate of global economic growth, but inflation will fall more slowly. Last year, the company Dako-CZ achieved a record net profit of almost 440 million CZK. CVVM: Inflation is perceived as unacceptable by the most people in the past 30 years. Inflation in Hungary decreased to 20.1 percent in June, a larger decrease was expected. Study: The number of bankruptcies of companies and entrepreneurs decreased year-on-year in the first half of the year. Markets are probably not estimating the start of rate cuts correctly, says a member of the CNB board. Survey: 73 percent of people believe they will have to reduce their expenses in retirement. Goldman Sachs: In addition to China, India may also overtake the US economy by 2075. Inflation in Germany resumed its decline in July, falling to 6.5 percent. China's central bank surprisingly lowered the key interest rate to 1.90 percent. Bloomberg: Putin's economic forum shows Russia's deepening isolation. MPs already have a government package on their tables, a debate is possible from July 11. Survey: Clients asked 80 percent of companies to extend the invoice repayment period. CNB: Czech household debts to banks rose to 2.21 trillion crowns in June.

Stock exchanges: Geomet acquires land for lithium processing plant from Cínovec. The Ministry of Environment has returned the documentation of the impacts of manganese mining near Chvaletice for revision. China and Russia invest $1.4 billion in lithium mines in Bolivia. Bloomberg: Interest in solar panels limits the supply of silver.

Finance: UN: Global public debt rose to a record $92 trillion last year. Allianz Trade still expects the global economy to recover in the middle of next year. Hypomonitor: Mortgage volume was the highest in June since summer 2022, rates fell. The ECB, as expected, increased the base interest rate by a quarter of a percentage point. Hypoindex: The average mortgage rate fell to 6.24 percent at the beginning of July. Trinity Bank's gross profit rose by 37 percent to 427 million crowns in the first half of the year. Czechoslovak Group issued bonds for 4.5 billion CZK, half more than planned. According to the governor, the Polish central bank could cut interest rates in September. Study: The turnover of the financial technology sector will exceed 30 trillion CZK by 2030. The Australian central bank will be led by a woman for the first time. Renáta Kellnerová wants to prepare children to take over the baton in the PPF group. JPMorgan increased its profit by 67 percent, Wells Fargo also has a higher profit, Citi's profit fell. UN countries pledged 1.5 billion dollars for Sudan, Guterres is concerned about the violence. Česká spořitelna's profit fell by 16 percent to 9.3 billion crowns in the first half of the year. The financial literacy of Czechs has not changed according to the Czech Banking Association index. Pan Gongsheng was appointed the new governor of the Chinese central bank. Analysts: Reluctance to accept card payments may be due to an attempt to reduce taxes. UBS to pay a fine of 388 million USD for Credit Suisse's misconduct in the Archegos case. Index: Most mutual funds have made profits for investors this year, most of all equity funds. Interest rate hikes have cost British households more than two trillion pounds. The number of corporate bankruptcies in Japan was the highest in five years in the first half of the year. WSJ: Europeans are facing a new reality they have not experienced for decades - they are getting poorer.