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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: Survey: Czechs are more willing to accept worse jobs due to Covid. BBC: Argentines are troubled by quarantine, which has been going on for five months in parts of the country. Italy's economy fell by a record 12.8 percent in the quarter. Confederation of Industry: The pandemic has reduced companies' income, profits and orders. The US economy fell by a record 31.7 percent. Industrial prices slowed down the year-on-year decline again in July. The Ministry of Finance sold bonds for five billion CZK, interest was significantly higher. Respilon is already producing respirators in Brno, and is preparing a second line. CRIF: 946 trading companies were added to the Czech Republic in July. OECD: The economies of member countries fell by a record in the 2nd quarter. The Greek economy fell by 14 percent, the recession deepened. CVVM: Czechs' views on the economic situation are improving again. The tax authorities accepted 2.75 million tax returns, fewer than last year. Retail sales in the eurozone fell surprisingly in July. Bundesbank: A vaccine may be needed for the economy to fully recover. Ifo: German companies expect it to return to normal in 11 months. GfK: German consumer sentiment worsened in September. Industry analysis: A third of companies will lay off workers, others are waiting. The economy fell by 11 percent year-on-year. The worst is probably behind us. The budget deficit rose to 230 billion crowns in August. The Brazilian economy fell by a record 9.7 percent in the quarter. The average wage rose by half a percent, but in real terms it fell after 7 years.

Stock exchanges: FT: Aramco to cut spending to have $75 billion in dividends. US battery maker QuantumScape goes public.

Finance: July inflation of 3.4 percent was in line with the CNB forecast. CNB left the reserve to protect the credit market at 0.5 percent. Analyst Kovanda became the chief economist of the Czech Trinity Bank. The New Zealand central bank expanded its bond purchase program. CRIF: The debt of the Czech population increased by 143 billion to 2.52 trillion CZK. CNB note: The increase in prices is an attempt to compensate for the loss of income. Commerzbank will stop using EY as an auditor after the Wirecard affair. Trinity Bank's net profit rose to 31 million CZK in the first half of the year. Four major Chinese banks have the biggest drop in profits in a decade. Bloomberg: The pandemic is pushing millions of Europeans into a debt crisis. The number of payment cards in the Czech Republic has increased by 200,000 to 12.9 million. Insurance company VIG expects a fifth drop in profits due to write-offs. Economic decline in the second quarter is milder than the Czech National Bank estimated. According to the vice governor, the Czech National Bank will tolerate inflation above its target. Insurance company Uniqa collected 6.6 percent more in insurance premiums this year. Bloomberg: The ECB Executive Board could have an equal number of women and men for the first time. Quarterly profit of banks in the US fell by 70 percent again due to coronavirus. Association: Non-banking companies provided a fifth less money this year. Goldman Sachs reduced its reported profit due to the dispute over the 1MDB fund. Analysts: The price of silver exceeded seven-year highs, will continue to rise. Household debts to banks increased to CZK 1.809 trillion in July.