Czech equities, as measured by the PX Index, were up by 0.9% in the past week and closed at 1,446.7. The overall volume of trading on the PSE reached USD 805.7m, 33.7% below its 12M weekly average of USD 1,215.0m. NWR was star of the past week. Coal prices and also good numbers of its peers drove price up by more than 10%. Traditionally the most active stock CEZ added 3.3%. Erste Bank reported in-line 2Q08 results but declined in week terms by 3.3% while Komercni banka added almost 2% due to ongoing interest from foreign accounts. Also the media company CME published its quarterly numbers. CME posted results that were better on all levels, however it erased 3% during the past week. Companies from real estate sector were the worst performers. Orco fell by more than 15% and ECM finished week down by almost 10%. Reporting season continues this week. Zentiva reported its 2Q08 results on Monday. Net result fall behind consensus by 18%. Komercni banka will announce quarterly numbers on Wednesday (6 August), we expect net profit to reach CZK 2.95bn. This week CNB decides about interest rates. Despite of a street consensus of flat rates we estimate 25bps rate cut to 3.5%.