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CZECHIA: President Pavel Appoints New Ministers, Retail Sales Top Expectations

CZECHIA
EM BulletBulletGlobalEmerging Market NewsCentral and Eastern EuropeRegionCzechia
  • President Petr Pavel appointed Lukas Vlcek as Industry and Trade Minister and Petr Kulhanek as Regional Development Minister. Both were nominated by the STAN party. The former position was vacated by Czechia's new European Commissioner Jozef Sikela, while the latter by Pirate Party's Ivan Bartos. Meanwhile, Foreign Minister Jan Lipavsky quit the Pirate Party, keeping his seat in the cabinet as a non-partisan member.
  • In the second part of an interview with Seznam Zpravy, CNB Governor Ales Michl said that commercial banks still have room to lower mortgage rates further, as their profit margins are still "excellent." In addition, Michl reiterated that the central bank will continue to buy gold, with the aim of having 100t tons of the yellow metal in its reserves by the end of his tenure.
  • Czechia's ex-auto retail sales expanded by 5.3% Y/Y in August, with growth accelerating from July's revised +4.9% and beating the +4.3% consensus forecast. The CZSO said that "sales increased for both – sale of non-food goods and food. Higher sales were also recorded among sellers of automotive fuel who, together with online sellers (e-tailers), contributed the most to the increase of sales in retail trade."
  • The unemployment rate unexpectedly ticked higher to 3.9% in September from 3.8% recorded in August amid expectations of no change.
  • The CNB will release data on its international reserves and FX transactions at 09:00BST/10:00CEST.
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  • President Petr Pavel appointed Lukas Vlcek as Industry and Trade Minister and Petr Kulhanek as Regional Development Minister. Both were nominated by the STAN party. The former position was vacated by Czechia's new European Commissioner Jozef Sikela, while the latter by Pirate Party's Ivan Bartos. Meanwhile, Foreign Minister Jan Lipavsky quit the Pirate Party, keeping his seat in the cabinet as a non-partisan member.
  • In the second part of an interview with Seznam Zpravy, CNB Governor Ales Michl said that commercial banks still have room to lower mortgage rates further, as their profit margins are still "excellent." In addition, Michl reiterated that the central bank will continue to buy gold, with the aim of having 100t tons of the yellow metal in its reserves by the end of his tenure.
  • Czechia's ex-auto retail sales expanded by 5.3% Y/Y in August, with growth accelerating from July's revised +4.9% and beating the +4.3% consensus forecast. The CZSO said that "sales increased for both – sale of non-food goods and food. Higher sales were also recorded among sellers of automotive fuel who, together with online sellers (e-tailers), contributed the most to the increase of sales in retail trade."
  • The unemployment rate unexpectedly ticked higher to 3.9% in September from 3.8% recorded in August amid expectations of no change.
  • The CNB will release data on its international reserves and FX transactions at 09:00BST/10:00CEST.