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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: Analysts: The August deterioration in sentiment among companies and consumers is disappointing. Inflation in the Czech Republic accelerated to 2.2 percent in July, making it the 15th lowest in Europe. Analysis: The purchasing power of Eastern European countries is gradually catching up with the West. SAP: The introduction of AI would increase the value of domestic companies by an average of 16 percent. CNB: The balance of payments ended the second quarter with a deficit of CZK 3.7 billion. Unemployment in Britain unexpectedly fell to 4.2 percent, wages are growing more slowly. Industry and trade did not do well in July, construction increased year-on-year. CNB left the reserve rate for protecting the credit market at 1.25 percent. IfW: The German economy will continue to decline this year. Analysts expect another CNB interest rate cut, probably to 4.25 percent. Business activity in the eurozone unexpectedly fell in September, Germany faces a recession. Czech GDP grew by 0.6 percent in the second quarter, according to analysts, it is still held back by industry. Saudi oil revenues will fall more than expected this decade, according to the IMF. Survey: Two-thirds of Czechs perceive the current situation as an economic crisis. CZSO: The savings rate of Czech households fell slightly last year to 19.6 percent. Reuters: China faces a rise in obesity due to economic problems and automation. The inflation rate in Germany slowed to 1.9 percent in August. The number of hundred-millionaires increased by 54 percent in a decade, most in China and the USA. The inflation rate in Turkey slowed to 52 percent, helped by high interest rates. AP: The Olympics were a success for Paris, but a disaster for some businesses. onsemi: Without investment incentives, production in Rožnov could not expand. The German economy will show zero growth this year, the Ifo Institute estimates. The Japanese economy grew significantly faster than expected in the quarter. Prices in industry in the Czech Republic accelerated growth, while prices in agriculture slowed down their decline. Retail sales accelerated growth in July, but according to analysts, it is still slow.

Stock exchanges: The price of gold exceeded $2,600 per troy ounce for the first time. Wood Mackenzie: Replacing China in copper supplies is impractical. The platinum market is likely to show its largest deficit in the last ten years this year.

Finance: Insurance company: Damage to agricultural land due to frost and hail will reach two billion CZK. It is time to cut interest rates, said the head of the US central bank. Air Bank Group's net profit increased by five percent in the first half of the year to 1.3 billion CZK. Analysis: Germany remains by far the largest net payer in the EU. Analysts: New rules for mortgages may not make early repayment more expensive. The market value of Buffett's company Berkshire exceeded a trillion dollars. Index: Mutual funds generally continued to earn money for investors in July. Survey: Almost 70 percent of Czech adults save for retirement in some way. The British central bank left the base interest rate at five percent. CNB: Banks' net profit increased by eight percent in the first half of the year to 59.9 billion CZK. Investors buy back part of Revolut shares, valuing the company at $45 billion. The Russian Central Bank raised the base interest rate by one percentage point to 19 percent. The Japanese Central Bank left interest rates unchanged. Raiffeisen Bank shares weaken after shares of its branch were frozen in Russia. Jet Investment Group sold the Třebíč-based Tedom Group to the Japanese Yanmar Group. Banks provided mortgages for CZK 23.8 billion in July, up 109 percent year-on-year. Germany sold part of its stake in Commerzbank to Italy's UniCredit for EUR 702 million.