CZECHIA: ANO Off'ls Discuss Plans Before Unveiling Policy Statement On Monday
- ANO's Karel Havlíček told Seznam Zprávy that the incoming government will seek to secure full state ownership of power generating assets of energy utility CEZ by buying back its shares. In his view, the policy will be a 'difficult path' but is necessary for energy security. He refused to comment on the buyout price but suggested that minority shareholders would receive 'fair' compensation.
- Alena Schillerová, the leading candidate for the next Finance Minister, told iDNES.cz that she would implement campaign pledges ranging from the reinstatement of the electronic sales reporting (EET) system from 2027 to tackle grey economy, introduce a fairer system for pension indexation, and amend the Income Tax Act.
- Just ahead of the start of the CNB's media blackout period, Bank Board's Jakub Seidler told Bloomberg that the central bank may keep current monetary policy parameters unchanged for a longer period of time. In his view, the current combination of interest rates and the koruna exchange rate helps tackle inflationary risks, while sticky service inflation warrants 'slightly restrictive' conditions.
- Seznam Zprávy reported that Motorists' Filip Turek told the police in 2021 that he didn't pay taxes on the sale and renovation of a vintage 1961 Jaguar, citing a contested exemption. The politician has come under scrutiny, with growing controversy undermining his bid to become the next Foreign Minister.
- Czechia's M2 money supply printed at +3.2% Y/Y in September, bouncing off a cyclical low of +2.8%. In an interview last year, CNB Governor Aleš Michl said that the three-month average of M2 is one of the key indicators he monitors on a regular basis.
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EUROPEAN INFLATION: Unrounded 2dp Eurozone HICP
- Headline 2.23% (2.2% MNI median ahead of national data, 2.04% prior)
- Core 2.35% (2.3% MNI median, 2.27% prior)
- Services 3.23% (3.2% MNI median, 3.1% prior)
- NEIG 0.78% (0.7% MNI median, 0.78% prior)
- FAT 3.04% (3.2% MNI median, 3.19% prior)
- Energy -0.4% (-0.4% MNI median, -1.97% prior)
EQUITY OPTIONS: Large Stoxx600 rolling Put
SXXP (19th June) 430p, vs (18/12/26) 440p, bought the 2026 for 4.1 in ~9.25k.
COMMODITIES: Gold at Fresh Record High, Fibonacci Resistance at $3909.4
WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a clear reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend. The trend condition in Gold is unchanged and a bull cycle remains in play. The yellow metal has traded to a fresh cycle high this week, confirming a resumption of the primary uptrend. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on $3909.4, a Fibonacci projection. On the downside, support to watch lies at $3646.3, the 20-day EMA. A pullback would be considered corrective.
- WTI Crude down $0.17 or -0.27% at $62.2
- Natural Gas up $0.07 or +2.18% at $3.375
- Gold spot up $33.96 or +0.88% at $3893.53
- Copper up $0.35 or +0.07% at $485.8
- Silver up $0.73 or +1.57% at $47.38
- Platinum up $16.35 or +1.04% at $1593.46
