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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: The inflation rate in Turkey continues to increase, climbing to almost 70 percent in April. CNB: Czech household debts to banks rose to 2.259 trillion crowns in February. OECD improved the global economic growth outlook for this year to 3.1 percent. HK forecast: Czech economy will grow by 1.3 percent year-on-year this year. Czech companies would mostly welcome the introduction of the euro, a Deloitte survey showed. The German economy is ailing, five leading economic institutes agree. CNB reduced interest to 5.25 percent and improved the economic outlook, the crown strengthened. TPA: The number and volume of mergers and acquisitions in the Czech Republic increased year-on-year in the first quarter of 2024. Czech GDP fell by 0.2 percent last year, the Czech Statistical Office improved its previous estimate. Mergers and acquisitions recovered in the first quarter thanks to large deals. CNB: Household debt with banks in the Czech Republic rose to CZK 2.269 trillion in March. China's economy grew by 5.3 percent year-on-year in the quarter, exceeding expectations. Inflation in March was two percent, according to analysts it will not exceed three percent this year. Study: Companies from Europe and the US are moving production back from abroad. Analysts: Improving confidence in the economy shows that the economy is starting to recover.

Stock exchanges: Oil prices are almost unchanged, they are monitoring developments in the Middle East and statistics. The price of gold has surpassed $2,300 per troy ounce for the first time. Gold has had its best month in three years, benefiting from bets on lower interest rates. Mining company Anglo American has rejected a takeover offer from rival BHP. TASS: Russia intends to get rid of its dependence on lithium imports by 2030. The silver market will be in deficit for the fourth year this year, demand is growing. Mining company BHP wants a rival to Anglo American, the largest copper producer would be created.

Finance: Analysis: Between 2014 and 2023, the Czech Republic received more than 1.2 trillion crowns from the EU. Creditas Bank's net operating profit increased by 148 percent last year to 1.13 billion CZK. Hungary's central bank cut its base interest rate by half a percentage point. Golden Gate Trader's sales fell by 53 percent last year to 3.1 billion CZK. Swiss bank UBS will buy back shares for up to two billion dollars. JPMorgan increased its profit in the quarter, while Wells Fargo and Citigroup saw their profits fall. Index: Mutual funds generally continued to make money for investors in February. IMF chief warns of a decade of weak global economic growth. The Czech National Bank fined Bestpay and revoked its license. BlackRock's assets reached a record $10.5 trillion thanks to market growth. Index: The average Czech investor in funds earned 5.4 percent in the first quarter. Moneta Bank's net profit in the first quarter increased by 5.8 percent to CZK 1.3 billion. The US central bank did not change interest rates, as expected. Sellers: Gold sales in the Czech Republic fell by tens of percent in the first quarter. Křetínský EPEI acquired a stake in a company developing a cancer treatment method. Moody's downgraded the outlook for the creditworthiness of ČEZ. Bank of America's profit fell in the quarter, Morgan Stanley's profit is higher. HN: RSBC Group bought Austrian arms company Steyr Arms. Banks provided mortgages for 18 billion CZK in March, half more year-on-year. The Polish central bank has a record loss of 20.8 billion PLN last year. J&T Bank's net profit increased by 60 percent last year to 5.4 billion CZK. Komerční banka's net profit fell by 21.3 percent year-on-year to 2.8 billion CZK in the first quarter. ČS analysis: Czechs' standard of living has approached the level of Western Europe.