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Senate Approves Fiscal Consolidation Package, CEZ Holds Earnings Call

CZECHIA
  • The Senate approved the government's fiscal consolidation package, with the support of 53 out of 74 lawmakers, even as a few upper house members representing the ruling coalition voted against or abstained from voting. The legislation has been submitted to the Castle for a signature by President Petr Pavel.
  • Jakub Michalek wanted to step down as leader of the Pirate Party's parliamentary caucus, but party leader Ivan Bartos refused to accept his resignation. His dismissal from party leadership was requested by rank-and-file members in an online vote held over the weekend.
  • Data released by majority-state owned energy giant CEZ showed that the company's net profit fell by 43% Y/Y, mainly due to the windfall tax introduced this year. However, CEZ's EBITDA rose by 6% Y/Y due to higher commodity prices. The company will hold an earnings call with analysts later today.
  • There are no Czech data releases scheduled for today, but tomorrow will see the publication of October CPI figures. Consensus looks for a rebound in headline inflation to +8.4% Y/Y from +6.9% amid a widely expected acceleration due to technical factors.
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