iPoint (iPoint.cz)
Czech markets  |  November 08, 2012 10:28:22

Share views 8.11: Results season continues - CEZ increased profit by 150%


Post-election euphoria did not last even until the opening of U.S. markets when the news came from Europe, which erupted among investors negative sentiment. Industrial production in Germany in October, mom fell by 1.8%, the highest since May. A slight decrease was also observed in the euro area at retail, while economists were counting on stagnation. This very encouraging comments added ECB Governor Mario Draghi, who in his speech yesterday, said that the crisis in Europe begins to press for Germany, and therefore should be welcomed OMT program and Germans. The German DAX closed yesterday nearly 2% in the red, and so on were the other main markets in Europe.

Negative sentiment does not naturally Czech koruna, which yesterday against the euro weakened significantly to the level of 25.4 and 19.9 against the dollar.For this to some extent contribute to a record low rate of CNB and yesterday's vote the House of Commons, which has managed to push through tax package proposed by the Ministry of Finance. From next year, the lower rate of VAT will increase from 14% to 15% and the main rate will rise to 21% from 20%. This is for the Czech economy (especially retail) obviously bad news because it artificially elevated price level will hamper consumption. Czech economy is also languishing in recession and tax increases is not exactly the best medicine for growth. Czech koruna should in the medium term, further weakening because tuned deflationary fiscal policy will have to be compensated by the more inflation-tuned monetary policy and efforts to weaken the domestic currency CNB ...

More about the session in the U.S., the Prague Stock Exchange and read the results of CEZiPoint

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