Investiční bankovnictví (Komerční banka)
World markets  |  June 01, 2012 14:55:00

Czech PMI pointing to weakening domestic activities

The Crown has completed an unsuccessful week other losses. Shifted to the level of 25.80 CZK / EUR and for the whole week has weakened against the euro by about two percent. Dollar losses were even greater. The U.S. currency prices for households grew by 80 cents and at the end of the week traded just below 21 crowns.

However, very similar to the figure offered by other regional currencies. This weakening of the Czech crown and not domestic factors, but clearly increasing risk aversion in the markets stemming from the deteriorating situation in the European public finances. The topic was number one this week Spain and its banking sector, where we talk about need to recapitalize the fourth largest bank. Problems also have some Spanish regions.

Today published Leading PMI index was disappointing. He got deeper below 50 points (47.6 points), suggesting attenuation of activity in the Czech economy. The structure then revealed that new orders fell at the fastest pace in almost three years and does not look favorably on the folder or look for employment. Unfortunately, in the next week expected data probably will not bring much positive impulses. Industrial production and construction should fall month, the unemployment rate and retail stagnate. Most of us will be interested but the structure of GDP growth in Q1 12th Preliminary estimate is surprisingly pointed to a fall of 1.0% q / q, which was far below our and market estimates, on the contrary expected growth. Justification of the Statistical Office revealed a number of us, so we are wondering whether the end will be revised up or not.

Author: Miroslav Frayer

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