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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 economists, Michl's appointment as CNB governor may indicate more significant changes. IMF: Food crisis in sub-Saharan Africa may lead to social unrest. British economic growth slowed to 0.8 percent in the first quarter. S&P upgraded Greece's rating, leaving the country one notch away from investment grade. Shares in Budapest fall after announcement of extraordinary tax, especially banks. Analysts: Inflation will rise to 15 pct., CNB will probably raise rates. Inflation in the US slowed to 8.3 percent in April, but is close to a 40-year high. Russia paid off its debt early today to avoid insolvency. Inflation in Slovakia accelerated to 11.8 percent, the highest since June 2000. Moravian-Silesian companies: Rate hikes may hit subcontractors. According to Buffett, the best protection against inflation is to be exceptionally good at something. Every tenth household in the eurozone owns crypto assets, an ECB survey showed. Consulting firm Dun & Bradstreet downgraded the Czech Republic's rating and worsened the outlook. According to the NIESR institute, Britain faces a recession in the second half of the year. Fiala wants price stability, other politicians point out Michl's connection to Babiš. ECB confirmed plans to end asset purchases in the third quarter. Eurozone inflation rate rose to a record 8.1 percent in May. IIF: Global debt rose to a record 305 trillion USD in the first quarter. Export growth from China slowed sharply in April due to Covid-19. China to reduce bank reserve requirements to boost growth. Inflation in the EU hits record 7.8 percent, Czech Republic third highest. Business sentiment in Germany stabilizes after March slump. Czech household debt to banks rose to CZK 2.087 trillion in March. The US economy surprisingly fell, but domestic demand is high. Union: The current crisis can strengthen Europe, it should not disrupt functioning systems. The Czech National Bank has legally revoked Sberbank CZ's banking license. The Slovak Central Bank has warned of the vulnerability of companies in repaying loans. Britain has imposed sanctions on representatives of the Russian army, including the commander from Buč. The registered capital of Czech companies fell by 0.7 percent in a year. The Russian Central Bank has lowered the base interest rate and indicated a further reduction. Business activity growth in the eurozone slowed in May, but remains strong. The war has not yet had an impact on unemployment and industry, but uncertainty dominates the market.

Stock exchanges: The price of gold has risen to a monthly high of close to $2,000 per ounce. The coronavirus has deprived Jablonec glass and jewelry manufacturers of half of their sales. Analysts: Food and industrial raw materials have risen in price by tens of percent this year. Russia's stake in the largest platinum project in Zimbabwe is deterring investors.

Finance: Expert: Crowdfunding regulation will increase interest in it by tens of percent. The Czech National Bank fined the Czech Post Office half a million crowns for investment services. The head of German DWS resigns, authorities suspect it of deceiving investors. Sellers: Gold sales after the Russian invasion of Ukraine increased by tens of percent. People from banks and technology companies are more likely to leave for fintech start-ups. Household deposits in banks fell by CZK 26 billion month-on-month in March. CNB: Household deposits in banks rose by CZK 35.4 billion month-on-month in April. CBA: The volume of mortgages in March fell by half to CZK 30.3 billion, rates rose. IFIS fund began buying up receivables from the Czech Sberbank.