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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: Gasoline and diesel are the most expensive in almost 7 years, according to analysts, the price will continue to rise. Experts: Deliveries of chips for the auto industry will not return to normal until next year. Industrial producer prices rose by 9.9 percent year-on-year in September, the most since 1993. Consumer confidence in the US fell to a seven-month low in September. According to economists, industrial results indicate a slower economic recovery. IMF: Introducing cryptocurrencies as legal tender is unreasonable and risky. Analysts: Industry fell in September due to a shortage of parts for car production. The Ministry of Finance wants to raise the limit for mandatory VAT payment to two million CZK, asks Brussels. The Czech National Bank will resume the sale of part of the proceeds from foreign exchange reserves after nine years. The crown strengthened below 25.20 CZK/EUR, making it the strongest since the end of February 2020. ČEZ received almost 1.5 billion CZK from the state, which is interest in the dispute over the allowance tax. Inflation rose significantly in October to 5.8 percent and will continue to rise. The state collected 15 billion CZK more in taxes this year at the end of September than a year ago. According to entrepreneurs, expensive energy has already affected the production of companies, including the Duslo chemical company. North Korea is looking for new solutions to food shortages, raising black swans for food. Farmers: The strengthening of the crown exchange rate will reduce EU subsidies in real terms.

Stock exchanges: The price of gas in the US has fallen from a seven-year high, but interest in the raw material persists. The EU and the US will begin negotiations on a global agreement on sustainable steel and aluminum. For Škoda Auto, magnesium supply disruptions would mean significant restrictions. The price of zinc has increased significantly due to production disruptions, reaching its highest level in 14 years. Týnský Kovostroj expects record sales, interest in window profiles is huge. The price of gold has reached a five-month high after the report on high inflation in the USA.

Finance: Fincentrum: The volume of mortgages has increased by 90 percent this year, last year was a record. Banks provided mortgages worth CZK 40.4 billion in October, slightly more than in September. Komerční banka's profit increased by 40.7 percent in three quarters to CZK 8.6 billion. Moneta's net profit increased by more than half to CZK 2.9 billion. Australia's largest bank CBA will offer people cryptocurrency trading. The Polish central bank intends to continue increasing its gold reserves. Profits of Citigroup, Morgan Stanley and Bank of America exceeded expectations. The Danish central bank slightly lowered interest rates. Three-quarters of Czechs do not believe in investments, the elderly have the most knowledge. The Hungarian central bank has again increased the base interest rate. The British banking company Barclays doubled its quarterly profit. UniCredit: The advantage of buying residential real estate has fallen further significantly. Chinese developers have difficulty finding buyers for their billion-dollar assets. Deutsche Bank analyst: Real yields will probably remain negative for a long time. The head of the German central bank Jens Weidmann is resigning for personal reasons. The Turkish central bank has lowered interest rates again despite high inflation and a weak currency. The Fed is starting to reduce support for the economy, will reduce bond purchases. Poland's central bank raises interest rates by most since 2000. According to minutes from the meeting, the Fed could limit bond purchases in November. Index: The average Czech investor in funds earned 5.43 percent this year. Global Payments launches accepting cryptocurrencies through its payment terminals. Expensive oil has increased the assets of the Russian state investment fund to a record. The Hungarian central bank has raised the base interest rate to 2.1 percent.