• Balance of trade in April reached positive balance of CZK 3.0bn. Exports rose by 19.7% y/y while imports by 16.8% y/y so there were no surprises. • According to Fed boss Bernanke, US economy is going to grow in moderate pace and it is going to be slowed down by realty sector. Core inflation is decreasing, but risks are on the upside of forecast. • EC is considering auction of emission allowances instead of distributing them. Changes would be effective from 2012. • IMF estimates that eurozone’s economy growth will reach 2.5% this year and this pace is going to stay in the near-term. Inflation should remain around 2% next year. • Retail sales in eurozone in April increased by 0.2% m/m and by 1.6% y/y. These figures are below market expectations.