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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: June retail sales beat market estimates, but recovery is slow. Analysts: June inflation cut to CNB target is surprising, koruna weakens. Analysts expect CNB base rate decline to slow. Survey: CEOs of largest British companies earn record income last year. Slovakia's trade surplus was at this year's low of 367 million euros in May. CNB cuts interest rate to 4.5 percent, worsens economic outlook. Goldman Sachs analysts raise US recession probability to 25 percent. Germany still faces gas shortage amid extreme cold, warns INES. Czech industry continues to slump, down 3.4 percent year-on-year in June. The Czech Republic's foreign trade showed a surplus of CZK 29.3 billion in June, higher year-on-year. CZSO: The savings rate of Czech households fell slightly to 19.6 percent last year. Study: Companies have lost the ability to come up with real innovations. Analysts: The global IT systems outage has dealt another blow to supply chains. State debt increased by CZK 96.2 billion in the first half of the year to CZK 3.207 trillion. PwC: The number of mergers and acquisitions in the Czech Republic was the lowest in six years in the first half of the year. Inflation in the Czech Republic accelerated to 2.2 percent in July, making it the 15th lowest in Europe. The volume of wealth per person increased the most in Turkey, despite inflation. Sales in services continue to grow, increasing by 2.5 percent year-on-year in the second quarter. CZSO: Industry and construction continued to decline year-on-year in June, trade remained in the black. Survey: Electricity and gas are still the dominant energy sources for Czech companies.

Stock exchanges: Robusta coffee beans have risen in price by 60 percent since the beginning of the year to USD 4,625 per ton. BHP and Ludnin are buying copper miner Filo for CAD 4.5 billion. The verification unit for manganese extraction at Chvaletic is in continuous operation. Oil prices closed at their lowest levels since mid-June.

Finance: Bain Capital will buy financial software supplier Envestnet for USD 4.5 billion. Analysis: Germany remains by far the largest net payer in the EU. The Hungarian Central Bank has cut the base interest rate to 6.75 percent. JPMorgan Chase significantly increased its profit in the quarter, Wells Fargo bank fell. The banking association worsened this year's economic outlook, expecting growth of 0.9 pct.. Partners enters Romania, acquires a third of Transilvania Broker de Asigurari. Komerční banka's profit fell by more than a fifth to CZK 6.3 billion in the first half. Banks provided mortgages for CZK 24.2 billion in June, the most since March 2022. Morgan Stanley increased its profit by 41 percent, but Bank of America's profit fell. Creditas bought an office building project in Prague's Karlín from Sekyra Group. The Bank of Japan raised its base rate to 0.25 percent. The Office of the Competition and Consumer Protection authorized SAB Financial Group to purchase a controlling stake in Trinity Bank. Moneta bank's net profit in the first half rose by 9.1 percent to CZK 2.7 billion. China's central bank surprisingly lowered the base interest rate to 1.70 percent. J&T Arch fund became the second largest shareholder of Tatra mountain resorts. In the first half of the year, 4.12 million people had supplementary pension insurance, 100,000 fewer than last year. According to the Czech Banking Association index, the financial literacy of Czechs has not changed. UniCredit Bank: The disadvantage of investing in residential real estate has decreased. The global outage affected 8.5 million Windows devices, Microsoft estimated. Česká spořitelna's net profit increased by a third in the first half of the year to CZK 12.4 billion. Russia's largest bank Sberbank increased its profit in the first half of the year.