Erste Leads Czech Shares Lower After Euro-Area Confidence Drops

Erste Group Bank AG (EBS) of Austria led Czech shares lower after a two-day rally as euro-region economic confidence declined more than forecast and Italy’s funding costs rose at a debt auction, hurting demand for riskier assets.

The stock tumbled 2.9 percent to 423 koruna by 11:57 a.m. in Prague, snapping a 7.9 percent gain in the previous two days. The PX (PX) index of 14 equities, where Erste accounts for 19 percent of the weighting, dropped 0.7 percent.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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