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Czech Unions Oppose Plan To Freeze Public Wages

CZECHIA
  • Non-resident holders (NRH) held 32.3% of CZK state bond at the end of May, down from 33.2% a month earlier according to the Finance Ministry.
  • Yesterday, economic data showed that Czech Economy fell by 2.4% YoY in Q1 amid worsening Covid situation (CEE region was severely hit by the 3rd wave). Next focus will be on manufacturing PMI and Budget Balance coming out on July 1st.
  • Market is still expecting business sentiment to continue to rise despite the high uncertainty due to Delta variant and the significant contraction in Chinese liquidity that could weigh on risky assets in the near term.
  • Czech trade unions demand wage growth in the public sector to at least match inflation next year and will seek to negotiate a bigger increase, the CTK news service reports, citing union leader Josef Stredula (BBG).
  • Today, Prime Minister Andrej Babis to meet his Polish, Hungarian and Slovak counterparts in Katowice (11.45pm London time).

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