Czech Republic - Factors To Watch on May 18

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CURRENT ACCOUNT

The central bank (CNB) releases March current account balance at 10 a.m. (0800 GMT) . Analysts polled by Reuters forecast a 2.0 billion crown monthly surplus.

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CEZ EARNINGS

Power firm CEZ posted a higher-than-expected 27 percent rise in first quarter net profit, but its operating result lagged forecasts due to warm weather this winter.

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CENTRAL BANKER SAYS CONSIDERING RATE HIKE

Central bank board member Vladimir Tomsik said he needed a closer look at inflation pressures before making a call on whether interest rates should rise as soon as this month.

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The central bank (CNB) is probably nearing a time when it will raise interest rates, but its policy primarily seeks to keep inflation in check and does not target asset prices, CNB policymakers said.

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ANALYSTS EXPECT RATE HIKE BY JUNE

The Czech central bank (CNB) is very likely to raise interest rates by 25 basis points by June following the strong April inflation data, a Reuters poll of 19 analysts showed.

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FOR DETAILED FORECASTS, DOUBLE-CLICK ON [ID:nL10503700]

PPF EYES ZENTIVA STAKE SALE

Financial group PPF is trying to sell a 13 percent stake, worth more than 7 billion crowns ($336.7 million) at current share price, in pharmaceutical firm Zentiva on the capital market, writes the daily Hospodarske Noviny.

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RESEARCH ALERT:

KBC UPS ZENTIVA TARGET

KBC/Patria Finance raised its target for shares of Czech generic drugs maker Zentiva to 1,564 crowns from 1,502 crowns and kept a 'buy' recommendation on the stock.

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ENI SAID TO BUY RAFINERSKA STAKE

Oil and gas company Eni has bought out ConocoPhillips's 16 percent stake in Czech Republic refiner Ceska Rafinerska, Il Sole 24 Ore reported. Eni is in talks with investor Royal Dutch Shell to increase its holding further in a bid to take over 100 percent of the company by the end of the year, it said without citing sources.

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For overview of economic data and forecasts click on For Instant Views of key economic data click on [CZ/INSTANT] For summary of economic data and forecasts For diary of forthcoming Czech events [CZ/DIARY] For calendar of east European economic indicators [CONV/DIARY] TOP NEWS -- Emerging markets [TOP/EMRG] TOP NEWS -- Convergence watch [TOP/EAST]

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News editor of the day: Alan Crosby on +420 224 190 477; fax: +420 224 229 935

E-mail: prague.newsroom@reuters.com

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($1=20.79 Czech Crown)

[PRAGUE/Reuters/Finance.cz]