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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 Czech National Bank did not change the interest rate, ended the intervention regime to support the crown. Unemployment rose to 3.5 percent, according to analysts, this is a seasonal development. The Czech National Bank's foreign exchange reserves fell by 16.4 billion euros in July year-on-year. Colliers: The industrial real estate market grew the most in five years. Analysts: The industry is going through a recession, which is only being mitigated by strong car production. Chinese exports and imports fell by double digits in July, more than expected. The Czech National Bank's Bank Board perceives the risk of premature interest rate cuts. CRIF study: 333 bankruptcies of entrepreneurs were declared in July, the lowest this year. Survey: One in ten companies perceives the impact of the crisis on their business as very significant. Czech National Bank: Czech household debt to banks rose to 2.21 trillion crowns in June. Consumer confidence in the US fell, but inflation expectations improved. The US economy surprisingly accelerated growth to 2.4 percent in the second quarter. Czech foreign trade ended in a surplus of 18.2 billion crowns in June. The Czech National Bank slightly improved its estimate of the public finance deficit to 3.8 percent of GDP. The Czech National Bank worsened the economic outlook, expecting GDP growth of 0.1 percent this year. Kyocera AVX Components' net profit increased year-on-year to 171 million crowns. Analysis: The Czech Republic still had the ninth highest inflation in Europe in July despite the decline. Russia will begin testing the use of a digital ruble among consumers. Survey: Companies want to get rid of workers on a contract basis due to upcoming changes.

Stock markets: Bloomberg: Exxon in talks with Tesla, VW and other automakers about lithium supplies. Gold price falls below $1,900 per ounce, lowest since late June.

Finance: Turkey to limit credit card use, wants to reduce foreign exchange outflows abroad. Revolut to suspend cryptocurrency activities in the United States. Česká spořitelna's profit fell by 16 percent in the first half of the year to 9.3 billion crowns. Hungarians are withdrawing money from banks en masse and buying government bonds due to inflation. China has cut interest rates again due to a stalling economic recovery. UBS will pay a large fine in the US due to mortgage securities. Insurance companies collected 84.7 billion CZK in premiums this year, up 5.7 percent year-on-year. S&P downgrades Casino chain to speculative grade. Index: Most mutual funds made money for investors this year, most of all equity funds. The Russian Central Bank will not buy foreign currencies until the end of the year. The six largest banks in the Czech Republic have seen their profits fall by 2.5 billion to 37.1 billion CZK year-on-year. The Partners Group expects to open Partners Bank to clients in the spring. CNB: Czech banks and insurance companies are quite resilient to economic downturns. Partners' unconsolidated revenues in the first half of the year rose by 17.1 percent to 1.9 billion CZK. Moneta's net profit in the first half of the year fell by 13.7 percent to 2.5 billion CZK. Raiffeisenbank's net profit fell by 21 percent to 2.37 billion CZK in the first half of the year. Chinese real estate giant warns of high losses, concerns about the real estate sector grow. Pan Gongsheng has been appointed as the new governor of the Chinese central bank. CNBC has ranked Czech company Spendee among the world's top 200 fintech companies. Moody's has downgraded the ratings of several US banks. The British central bank, as expected, raised the base interest rate to 5.25 pct. Someone won 117 million euros, almost three billion crowns, in Hamburg. China unexpectedly reduced some interest rates on loans to support the economy. Analysis: The volume of issued corporate bonds rose to 11 billion CZK in May.