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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: Investor confidence in the eurozone economy unexpectedly returned to decline in May. Michl: Year-on-year inflation should fall below ten percent within three months. The Fed, as expected, raised the base rate by a quarter of a percentage point. The Czech National Bank improved its economic outlook, but increased its estimate of full-year inflation. Year-on-year inflation slowed to 12.7 percent in April, food prices fell month-on-month. The Senate wants rules on conflict of interest directly in the Public Procurement Act. Supporters of rate hikes in the Czech National Bank argued that the economy is cooling down a little. The Czech Republic has an opportunity to contribute to Europe's energy security in lithium, said Fiala. According to the head of the Bundesbank, the eurozone has not yet won the fight against high inflation. The CNB did not change rates, Michl warned against the pro-inflationary effect of the budget. The Czech Republic is interested in Uzbek uranium and copper, said Prime Minister Fiala in Tashkent. Pavel will consult with the CNB team or governor about signing the consolidation package. CNB: Czech households' debts to banks rose to 2.16 trillion crowns in March. The CNB fined Fair Credit Czech loan provider three million crowns. The state collected 790 billion in taxes into the budget last year, 90 billion more year-on-year. Fiala: The government is now making a greater contribution than the previous two. The head of the Polish central bank hopes to be able to start reducing interest rates this year. Survey: 95 percent of Czechs are worried about their financial situation due to inflation. The G7 finance ministers' talks were overshadowed by disputes over the United States' debt ceiling. The CNB's decision not to change interest rates is not surprising, according to analysts. Ajay Banga will be the new head of the World Bank. ČSOB Index: The mood of companies in the Czech Republic has improved, it is almost the same as before the pandemic. According to statistics, the German economy stagnated in the first quarter. The growth rate of industrial production accelerated in March, while construction continues to fall. The Vysočina region had 285 million higher tax revenues in the first quarter than last year. PwC: The market value of the most valuable companies fell last year by the most since 2009. Investments in commercial real estate in Europe were the lowest in 11 years by March. Cross-border payments for online purchases will probably be recorded. The European Commission has improved its estimate of growth of the Czech economy, inflation is expected to be significantly higher.

Stock exchanges: The price of gold exceeded 2,000 USD per ounce this week, it is close to a record. Fiala: The draft law on corporate transformations is general, it does not concern a specific company. Newmont is approaching an agreement to take over competitor Newcrest for AUD 29.4 billion. Analysts: Platinum demand will increase sharply this year, there is a deficit on the market.

Finance: According to Reuters sources, the European Commission will approve the agreement between UBS and Credit Suisse. Survey: 12 percent of Czechs have saved ten times their monthly household income. The average interest rate on corporate loans is 8.9 percent, close to the maximum. Komerční banka's profit increased by 1.4 percent year-on-year in the first quarter to CZK 3.6 billion. Commerzbank almost doubled its net profit in the quarter thanks to higher interest rates. UniCredit Bank in the Czech Republic and Slovakia increased its net profit by 19 percent this year to CZK 2.2 billion. The Ministry of Finance sold government bonds for 21.8 billion crowns, demand was higher. ČSOB survey: Most companies are satisfied with the current exchange rate of the crown to the euro. PacWest shares lose 26 percent, the bank announced an outflow of deposits. Trinity Bank will pay shareholders 378.2 million crowns in dividends. Erste, the owner of Česká spořitelna, increased its profit by 32 percent in the first quarter. CNB Governor Michl today presented the award for the contribution to financial literacy for the first time.