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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: CNBC: Europe has had its worst earnings season since the onset of covid-19. Analysts: Improving confidence in the economy shows that the economy is starting to recover. Czech GDP fell by 0.2 percent last year, the Czech Statistical Office improved its previous estimate. DIW: The German economy is not recovering as quickly as expected. Mergers and acquisitions recovered in the first quarter thanks to large deals. The poorest countries have still not managed to recover from the covid-19 pandemic, the UN says. HK forecast: The Czech economy will grow by 1.3 percent year-on-year this year. The Czech National Bank has cut the interest rate to 5.75 percent, experts expect cheaper loans. The Czech National Bank: Czech household debts to banks rose to 2.259 trillion crowns in February. The Industrial Property Office registered 506 patent applications last year, down year-on-year. Japan avoided recession, the GDP revision for the fourth quarter showed. Analysts: February sales show that Czechs are still cautious in their purchases. US economic growth slowed to only 3.4 percent in the fourth quarter. Analysis: Norwegians received the highest pension, Czechs had above-average. The inflation rate in Turkey continues to grow, exceeding 67 percent in February. Analysts: The economy was dragged down by household consumption dampened by high inflation. The Czech Republic's foreign debt increased by 129 billion to 4.622 trillion at the end of last year.

Stock exchanges: Oil prices reached new four-month highs, Brent is above 87 USD. The price of gold has climbed to another record, surpassing 2,200 USD per troy ounce. The price of gold is at a record high thanks to the expected interest rate cut in the US. This year, gas, electricity and grain prices are falling, while oil, aluminum and cotton are becoming more expensive. Gold is at another record, a troy ounce costs more than 2,157 USD. The Czech National Bank bought five tons of gold in the first quarter, its holdings totaling 35.6 tons. Russian aluminum company Rusal's profit fell last year due to lower prices.

Finance: Allianz Trade: The number of companies insolvent in the world rose by seven percent last year. American bank NYCB is in trouble, secured a billion-dollar financial injection. Fitch downgraded China's rating outlook to negative. The Bank of England did not change interest rates, but indicated their future reduction. Italian insurance company Generali and Austrian rival VIG report higher profits last year. Banks provided mortgages worth CZK 15.8 billion in January, double the year-on-year figure. Index: Mutual funds generally continued to make money for investors in February. The Fed did not change interest rates, and expects them to be reduced by 0.75 percentage points this year. Over 70 percent of Czechs are not well-versed in investments, according to a survey. The Swiss Central Bank surprisingly lowered the base interest rate to 1.50 percent. The European Central Bank, as expected, left the base interest rate at 4.50 percent. According to the central bank governor, inflation in Russia has already reached its peak. Moody's has worsened the outlook for the creditworthiness of ČEZ. KRUK: Average overdue household debt fell by CZK 2,100 last year to CZK 37,100. ECB could start cutting interest rates earlier than Fed, says Governing Council member. Study: Banks pay high wages even after 2008 crisis, bonus caps not working. Crowdfunding investment volume rose by CZK 2 billion to CZK 3 billion last year. Japan's central bank raises key interest rate after 17 years. Swiss central bank calls for regulatory change, cites Credit Suisse. Some banks advise clients not to withdraw money from Euronet ATMs. J&T Arch Investments fund acquires stake in Emma Alpha Holding for CZK 2.5 billion.