Latest comment from financial markets

CZGB Auction Preview: The state budget plan for 2026 is still uncertain

21/10/2025 15:14

Issuance activity: Tomorrow, MinFin is scheduled to auction CZK4.0bn of 2034 bonds, CZK3.0bn of 2036 bonds and CZK1.0bn of 2037 bonds. The formation of a new government following the general election earlier this month is still underway. Its representatives’ statements on the 2026 budget are unstable, ranging from increasing the deficit from the CZK286.0bn approved by the outgoing government by an additional CZK80.0bn to keeping the deficit as approved. In any case, the provisional budget regime, in which a maximum of one-twelfth the previous year’s budget can be spent per month, is likely to be implemented in the first few months of 2026, as was the case after the 2021 election. This could limit pressure to increase the issuance pace in the coming months due to the state budget deficit widening in 2026.

Autor: Jaromír Gec Show more

Latest comment from the equity market

Comment on financial results: Moneta: Strong results above estimates: higher revenues, stable costs, and a lower CoR

23/10/2025 10:29

According to its 3Q25 presentation, Moneta achieved a 17.9% yoy increase in net profit to CZK1.8bn. This figure is +8.1% higher than the market consensus. RoTE reached 25.6%. These results surpassed market expectations primarily due to increased net interest income, higher NF&C, stable operating costs, and a lower-than-expected CoR. The increase in net interest income is due to a significant decline in financing costs. Moneta has once again delivered strong results and is on track to meet its increased full-year targets.

Autor: Bohumil Trampota Show more