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.
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.
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