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

June 21 (Bloomberg) -- Erste Group Bank AG 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 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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