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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 Rusnok, Schiller's statement regarding the CNB's rate hike is incompetent. IMF: Introducing cryptocurrencies as legal tender is unreasonable and risky. The Nobel Prize in Economics is awarded to David Card, Joshua Angrist and Guido Imbens. The Exporters' Association warned against artificial appreciation of the koruna. Inflation exceeded four percent, the highest since November 2008. Investor confidence in the eurozone economy fell to its lowest level in six months. According to estimates, annual inflation was rather stagnant in August. According to economists, industrial results indicate a slower economic recovery. Prouza: Rate hike will be a problem for exporters, good news for customers. Electricity shortage in China is closing factories, analysts are worsening growth prospects. Producer prices in China rose to a record high in September due to commodity prices. Inflation accelerated again significantly, with tomatoes rising by 60 percent, for example. The Czech Republic's foreign trade results for August disappointed analysts' expectations. The Czech National Bank will resume selling part of its foreign exchange reserves after nine years.

Stock exchanges: After three weeks of strike, the world's largest copper miner has reached an agreement with unions. Chinese oil company CNOOC plans to list on the Shanghai Stock Exchange. The price of gas in the US has fallen from a seven-year high, but interest in the raw material continues. The price of aluminum has risen to its highest level in 13 years due to the coup in Guinea. The recovery in the diamond market continues, with De Beers selling the most stones since February. Bloomberg: The world is facing another price shock, with silicon rising 300 percent.

Finance: Reuters: China's Evergrande missed the deadline for paying interest on bonds. The head of the US central bank will speak online at the Jackson Hole symposium. European Commissioner Gentiloni warned against tightening monetary policy too soon. The US bank JPMorgan's quarterly profit rose by 24 percent. The expensive oil increased the assets of the Russian sovereign wealth fund to a record. According to the minutes of the meeting, the Fed could limit bond purchases in November. The Danish central bank slightly lowered interest rates. The largest banks announced an increase in mortgage rates. G7 leaders approved principles for central bank digital currencies. The Bank for Settlement of Payments will test the use of central bank digital currencies. Sales of gold and silver in the Czech Republic are growing significantly, with Golden Gate up 22 percent. Evergrande will sell part of its stake in Shengjing Bank to a state asset manager. The Hungarian central bank has raised the base interest rate to 1.65 percent. SAB Finance will pay out CZK 68 million in dividends for the first half of the year. The Russian central bank has raised interest rates for the fifth time this year. Equity funds have earned over 13 percent this year, while bond funds have lost 0.6 percent. British banking company Barclays has doubled its quarterly profit. Russian Expobank, which also does business in the Czech Republic, is negotiating the sale of its activities in Europe. Czech companies' deposits exceeded loans by CZK 115 billion in July. The Polish central bank intends to continue increasing its gold reserves. Economist: Current inflation will last for several more years. The Czech National Bank has no objections to ČSOB's intention to pay a dividend of CZK 4.1 billion this year. Sales of gold bars and coins this year were the highest since 2013. The British central bank did not change interest rates, but inflation is expected to rise. Household deposits in banks increased by 9.3 billion in August and exceeded three trillion CZK.