Erste Group Leads Czech Shares Lower on U.S., Chinese Economies

Erste Group Bank AG (EBS) of Austria fell, leading Czech shares lower after the U.S. Federal Reserve cut growth estimates for the U.S. economy and a report showed Chinese manufacturing may shrink for an eighth month.

The stock dropped 1.3 percent to 364 koruna by 10:13 a.m. in Prague, after gaining 2.6 percent in the previous two days. The 14-member PX (PX) equity index, in which Erste has a 19 percent weighting, declined 0.4 percent, its second day of losses.

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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