Czech Republic - Factors To Watch on May 20

                                
 PRAGUE, May 20 (Reuters) - Here are news stories, press
reports and events to watch which may affect Czech financial
markets on Wednesday:
                                
 ALL TIMES GMT (Czech Republic: GMT + 2 hours)

======================== ECONOMIC DATA ========================
                                
 Real-time economic data releases....................<ECONCZ>
                                
 Previous stories on Czech data.............[CZ-RTRS-LEN-ECI]
                                
 Overview of economic data and forecasts..........<CZ/ECON15>
                                
 Updates on CEE currencies.............................[CEE/]
==========================EVENTS================================
                                
 PRAGUE - Developer Orco Property Group <ORCOsp.PR> to
release first quarter results after market close.
                                
 Related news: [RTRS-LEN-CZ-RES]
                                
 
                                
 PRAGUE - 15-year government bond auction.
                                
 Related news: [RTRS-LEN-CZ-DBT]
                                
 
                                
 PRAGUE - Summit EU - China (Troika) with Czech President
Vaclav Klaus, European Commission President Jose Barroso,
Secretary General of the Council of the European Union Javier
Solana and Chinese Prime Minister Wen Jiabao. News conference at
1445 GMT.
                                
 Related news: [RTRS-LEN-CZ-DIP]
                                
 
======================MORNING NEWS=============================
                                
 
                                
 PEGAS: Erste cut its price target for share in Pegas
Nonwovens <PGSNsp.PR> to 350 crowns from 505 crowns and
maintained a 'hold' rating.
                                
Related news: [RTRS-LEN-CZ-RCH]

=========================TOP NEWS===============================
                                
 ERSTE: The European Investment Bank has agreed to extend 440
million euros to four units of Austria-based Erste Bank
<ERST.VI> on Tuesday to finance loans to small and medium sized
companies, the EIB said.
                                
 Story: [ID:nL0963512] Related news: [RTRS-LEN-CZ-BNK]

                                
 RATE CUTS POSSIBLE: Czech central bank Vice-Governor Mojmir
Hampl cannot exclude a further reduction of interest rates due
to high uncertainties, he was quoted as saying on Tuesday.
                                
 Story: [ID:nLJ548458] Related news: [RTRS-LEN-CZ-INT]
                                
 
                                
 FX GAINS: Poland's zloty and Hungary's forint led central
Europe's currency rally on Tuesday and both broke key resistance
levels as global and local sentiment supported gains.
                                
 Story: [ID:nLJ212102] Related news: [RTRS-LEN-CZ-FRX]
                                
 
                                
 EURO NOT SOON: The Czechs are unlikely to adopt the euro in
at least four to five years due to a swelling public sector gap,
the leading leftist Social Democrats said on Monday, five months
before an expected parliament election.
                                
 Story: [ID:nLJ719177] Related news: [RTRS-LEN-CZ-EUR]
                                
 
 ---------------------- MARKET SNAPSHOT ------------------------
 Index/Crown Currency  Latest    Prev    Pct change   Pct change
                                
                              close   on day       in 2008
 Czech Equities  <.PX>   000.0    915.0   +0.00       -100.00
 vs Euro     <EURCZK=>  26.670   26.670   +0.00         -0.64
 vs Dollar      <CZK=>  19.592   19.561   +0.12         -7.20
 U.S. Equities  <.DJI>  08,475   08,504   -0.34        -36.11
 Pvs close or current levels vs prior domestic close at 1500

 ==========================PRESS DIGEST=========================
                                
 
                                
 ECONOMY: Czech central bank Deputy Governor Mojmir Hampl
said the bank assumes the first quarter of 2009 was the worst
for the economy and the bank now awaits the situation to
improve. He also said he considered it highly unlikely that the
Czechs would set a euro adoption date this year as promised by
the former government of Mirek Topolanek.
                                
 Hospodarske Noviny, page 18
                                
 
                                
 SKODA: Volkswagen's Czech unit <VOWG.DE> Skoda Auto expects
to produce 550,000 cars this year, down from 603,000 vehicles
produced in 2008.
                                
 Hospodarske Noviny, page 17

                                
 Reuters has not verified the media reports, nor does it
vouch for their accuracy.
                                
 
 For Instant Views of key economic data click on    [CZ/INSTANT]
 For summary of economic data and forecasts          <CZ/ECON01>
 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]

 For an economic indicator diary for the euro zone, the United
 States and other Group of Seven countries see         <G7TODAY>

 For real-time stock market index quotes click in brackets:
 Warsaw WIG20 <.WIG20>  Budapest BUX <.BUX>  Prague PX <.PX>

                                
 News editor of the day: Jan Lopatka on +420 224 190 474;
fax: +420 224 229 935
                                
 E-mail: prague.newsroom@reuters.com
  (Compiled by Jana Mlcochova)