Overview of the latest economic events in the Czech Republic

The Prague Stock Exchange remained almost unmoved as the PX index closed at 2,292.98 points, which meant a daily advance of only +0.01 %. Stocks such as Moneta Money Bank (increase +1.27 % to 160 CZK), Erste Bank (+0,35 %), Doosan Škoda Power (+3,16 %), Colt CZ Group (+2,32 %) a Primoco UAV (+3.01 %). On the other hand, the shares weakened ČEZ (-0.93 % to 1278 CZK), Komerční banky (-0.48 %), insurance companies VIG (-0,55 %), Philip Morris ČR (-1,33 %) a Gevorkyan (-3.67 %). The total volume of trades was below the long-term average, with most trades in CEZ. The exchange rate of the koruna against the euro remained unchanged, while the koruna strengthened slightly against the dollar.

Foreign investment

Elon Musk purchased 2.57 million shares of the company Tesla worth approximately one billion dollars (about 20.6 billion CZK), making it the largest purchase of Tesla shares to date in terms of value. The company's shares gained more than six per cent on the New York Stock Exchange after the information was made public.

In the global technology sector, the company Alphabet, vlastník Googlu, for the first time exceeded a market capitalization of three trillion dollars (≈ 62.1 trillion CZK), joining other giants such as Nvidia, Microsoft a Apple.

Significant events outside the Czech Republic with global impact

The study says that extreme weather in Europe has caused short-term economic losses of at least €43 billion (about CZK 1.046 trillion) for the EU; estimates put the cost up to €126 billion (about CZK 3.064 trillion) by 2029.

Britain to decide on rates this week Bank of England, with analysts forecasting a slowdown in the quantitative tightening programme and rate stability in an environment of still elevated inflation and weaker growth. In foreign exchange markets, the dollar is weakening against major currencies in response to the Fed's expected move, while European Central Bank (ECB) signals the approaching end of the rate cut cycle with the base rate remaining around 2%.

The newly announced investment package is also of global significance EU-Pacific The Global Gateway Initiative, which is a nearly €300 million project in Fiji, Vanuatu and Papua New Guinea, focusing on infrastructure, renewable energy, digital technology, water and agriculture.

gnews.cz - GH

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