Gedeon Richter Snaps Two-Day Gain, Leads Hungarian Stocks Lower

Gedeon Richter Nyrt., Hungary’s biggest drugmaker, snapped two days of gains, leading the country’s stocks lower, after Japan lowered its economic assessment, sapping demand for riskier emerging-market assets.

The shares fell 1.2 percent to 39,400 forint by 11:48 a.m. in Budapest. The benchmark BUX stock index dropped 0.2 percent to 17,464.67, matching the decline of the MSCI Emerging Markets index.

European and emerging-market stocks declined after the Japanese government lowered its view on personal consumption, home-building, exports, imports and industrial output, while raising its assessment of the labor market.

Japan’s “picture on industrial output and exports is more than gloomy,” Akos Kuti, a Budapest-based analyst at broker Equilor Befektetesi Zrt., wrote in an e-mailed report today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

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

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