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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: Wage growth exceeded market expectations, may boost consumption. Football fans in Germany must expect sold-out hotels and full trains. Poll: The biggest bureaucratic nonsense is registering work contracts. GDP growth in the first quarter by 0.2 percent was below expectations, held back by investments. There is time until the end of June to exchange invalid banknotes in banks. Analysis: Double taxation of dividend income causes investors to lose millions. Analysis: Active support for employee health can bring the state CZK 75 billion. Activity in the eurozone business sector slowed significantly in June. Today is the last day to exchange invalid banknotes with a thin stripe in banks. Spain will introduce a 15 percent tax for large companies, following up on an EU directive. Analysis: Construction companies estimate a 1.2 percent decline in construction this year. Satisfaction with the standard of living of households is greater than with the country's economic situation. The Czech National Bank has reduced the interest rate by half a point to 4.75 percent, the crown has weakened. Study: The Czech Republic has the highest corporate income tax among the V4 countries. The IMF warns of the impacts of generative artificial intelligence on the labor market. The inflation rate in the US slowed to 3.4 percent in April, as expected. The World Bank has improved the outlook for the global economy.

Stock markets: The price of copper has reached a record high of more than $11,000 per ton. Commodity prices have generally been increasing on the markets this year, their index has added 5.5 percent. The price of gas for the European market is close to this year's maximum, exceeding 33 euros per MWh. Bloomberg: Saudi Arabia plans to launch secondary offering of Aramco shares. Rio Tinto's lithium mining project in Serbia does not harm the environment, the company claims. Gas for the European market is getting cheaper, the assumption of a shorter shutdown in Norway is helping.

Finance: Two members of the Czech National Bank's bank board disagreed with a new reserve for banks. The Russian central bank recommends that companies avoid sanctions using cryptocurrencies. The net profit of the ČSOB group in the first quarter increased by 14 percent to CZK 4.1 billion. Association: Non-banking companies provided CZK 67 billion this year, one percent more than last year. Creditas Bank acquired more than a 50 percent stake in NEY savings cooperative. Analysis: Inflation in Central Europe is recovering, in 2024 it should be 3.7 percent in the Czech Republic. Šmejc: PPF is heading to Western markets instead of the East, but Europe lacks a longer vision. The British central bank, as expected, left interest rates unchanged. Index: Almost half of productive Czechs are now repaying mortgages, loans or credits. According to its boss, the Fed needs more evidence of a decline in inflation before it lowers interest rates. Banks will pay CZK 4.2 billion into the Guarantee System funds, CZK 2.2 billion less than last year. CNB: Banks' net profit increased by 22 percent in the first quarter to CZK 25.9 billion. The Swiss central bank reduced the base interest rate by a quarter of a point to 1.25 percent. The Office for the Protection of Competition: SAB Financial Group buys a controlling stake in Trinity Bank. The Hungarian central bank reduced the base interest rate to seven percent. The six largest banks in the Czech Republic have seen their net profit increase by a fifth to CZK 17.9 billion this year. The European Central Bank is likely to cut interest rates. According to its boss, the Polish central bank will cut interest rates again in 2026 at the earliest. Allianz Trade: The world economy should grow by 2.8 percent this year and next. Banks in the US have passed the Fed's stress tests, they would survive even a sharp decline in real estate. Banks provided mortgages worth CZK 23.7 billion in May, 92 percent more year-on-year. Index: The average Czech investor in funds earned 5.7 percent in the first half of the year.