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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: Taiwan pledges investment in Lithuania, while Vilnius faces pressure from Beijing. IMF mission: Czech economy to grow by 2.6 percent this year, 3.5 percent next year. January inflation will almost certainly exceed seven percent, says Holub from the Czech National Bank. Analysts: Inflation was mainly affected by the VAT exemption, but it will still grow. Inflation rose significantly in October to 5.8 percent and will continue to rise. Household debts to banks rose to 2.032 trillion crowns in November. CNB: Balance of payments ended the third quarter with a deficit of 76.7 billion crowns. Inflation in the EU rose to 5.2 percent, reaching a 20-year high. Developers disagree on the consequences of the interest rate increase, they also talk about a real estate bubble. Last week, CNB board members Michl and Dědek voted again for rates to remain unchanged. JPMorgan: The crown and ruble will perform better in inflation than other comparable currencies. The inflation rate in the US rose to 6.8 percent, the highest in almost 40 years. Unemployment in the US fell to 4.2 percent, job creation fell short of estimates. The inflation rate in Turkey rose above 36 percent, significantly exceeding estimates. The crown strengthened below 25.20 CZK/EUR, making it the strongest since the end of February 2020. CRIF: The number of personal bankruptcies fell by 11 percent last year to 15,443. Businesses: The CNB's sharp increase in rates will hit Czech companies hard. Developers: Tightening mortgage lending will not solve the housing shortage.

Stock exchanges: Gas continues to fall significantly, the price for the European market fell below 100 euros per MWh. The price of gold rose to a five-month high after the report on high inflation in the US. For Škoda Auto, outages in magnesium supplies would mean significant restrictions. WPIC: The platinum market will show the highest surplus in several years this year. The price of gold is losing almost four percent this year, the most since 2015.

Finance: Banks will pay more into reserves to protect the credit market. The Russian Central Bank has increased the base interest rate to 8.5 percent. Shares of Indian Paytm fell by more than a fifth on its debut on the stock exchange. Analysts: The increase in the CNB's base rate will quickly be reflected in the rise in the cost of loans. The British central bank did not raise interest rates, but the pound weakened significantly. Equity funds earned over 11 percent this year, while bond funds lost 5.3 percent. Deutsche Bank analyst: Real returns will probably remain negative for a long time. Commercial bank's profit rose by 40.7 percent to CZK 8.6 billion in three quarters. Poland's central bank raised interest rates the most since 2000. The central bank warned against investing in virtual tokens. The Fed is starting to reduce support for the economy, will reduce bond purchases. Poland's central bank has raised the main interest rate to 1.75 percent due to inflation. Lending index: People can give up to CZK 95,000 more for an annual loan of CZK 50,000. Czechs plan to spend an average of CZK 12,700 for Christmas, according to a survey. The Polish central bank raised its key interest rate to 2.25 percent, as expected. Bloomberg: Emerging market bonds performed best this year. Survey: 59 percent of Czechs will not be frugal at Christmas due to financial situation. Investment crowdfunding platforms must have a license from the Czech National Bank. UniCredit Bank: Demand for real estate is a speculative bubble. Australian company Zip has completed the purchase of Czech fintech Twisto. The Fed intends to raise rates three times next year and end bond purchases in March. The Turkish central bank has cut interest rates again despite high inflation and a weak currency.