6 560,00 USD

ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: German inflation hits 13-year high, unions call for wage hikes. Stock offerings in Europe hit 14-year high in first half of year. Industrial producer prices rose the most in about 17 years in July. The Czech National Bank raised rates today for the first time since February 2020, and will continue to do so. Analysts: Industry fell month-on-month due to a shortage of components in production. The Czech National Bank: The number of currency exchange offices fell by six percent compared to last year. The quarantine in the Chinese port caused a domino effect in global trade. Year-on-year inflation in July was the highest in a year, exceeding market and CNB expectations. Rusnok: The latest inflation data do not mean a change for the CNB's monetary policy. Analysts: July inflation supports the scenario of further CNB rate hikes. The Czech National Bank will end the validity of older banknote designs from 1995 to 1999 in a year. Mikov achieved the withdrawal of a fake copy of the fish knife from two manufacturers. The European Central Bank has taken the first step towards launching a digital euro. 85 percent of companies did not publish their financial statements for 2020 on time. The Czech Republic's foreign trade in May ended in a surplus of 6.3 billion crowns.

Stock exchanges: After three weeks of strike, the world's largest copper miner reached an agreement with unions. Rio Tinto will send a test device for lithium mining to Serbia. The world's third largest diamond was apparently mined in Botswana. A mining company backed by Bezos and Gates will search for metals in Greenland. The price of gold fell below $1,700 per troy ounce, later erasing part of its losses. CZSO: Prices of raw materials and mineral fuels increased by tens of percent year-on-year in April.

Finance: Golden Gate CZ increased its sales by 29 percent in the first half of 2021 to CZK 2.57 billion. Gold and silver have fallen by six percent this year, but technical metals are becoming more expensive. Austria's Erste, which owns Česká spořitelna, tripled its quarterly profit. The largest banks announced an increase in mortgage loan rates. Index: The average Czech investor in funds earned 5.5 percent this year. Sales of gold bars and coins were the highest this year since 2013. Index: The average mortgage rate returned above two percent in May. South Korea's central bank raised interest rates. The Economic Committee called on the CNB to protect life insurance clients. The head of the US central bank will speak online at a symposium in Jackson Hole. Analysts: Bank savings accounts are now depreciating by three percent per year. Banks will pay more into reserves to protect the credit market. ČSOB Pojišťovna achieved a record profit after tax of 1.437 billion crowns last year. Citigroup and Bank of America have sharply increased their profits thanks to the release of reserves. PPF wants to acquire 100 percent of the operator O2, now controls 83.58 percent. MF sold negative-yielding euro bonds today at high interest. Visa will buy the open banking platform Tink for 1.8 billion euros. ECB: Eurozone residents stocked up on cash during the pandemic. Almost a fifth of Czechs pay with their mobile phones, but they do not want to give up cash. The British central bank has not changed its monetary policy despite inflation. The US central bank left monetary policy unchanged. Arca Group company disagrees with the dismissal of insolvency administrator Louda. Payments settlement bank to test use of central bank digital currencies. Industrial metals rose by up to a quarter in the first half of the year, while gold and silver fell.