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Czech Shares Have First Two-Day Drop in Month on Europe, U.S.

Aug. 24 (Bloomberg) -- Czech shares declined, with the main index headed for its first back-to-back drop in a month, after U.S. data signaled weakness in the world’s largest economy and amid sluggish progress resolving Europe’s debt crisis.

The 14-member PX equity index slid 0.4 percent to 951.20 by 11:49 a.m. in Prague, extending a 0.2 percent drop yesterday, set for its first two-day retreat since July 23. Erste Group Bank AG of Austria and New World Resources Plc, the biggest Czech producer of coking coal, declined 1 percent.

Basic resources companies and banks were among the biggest stock decliners in Europe today and commodities dropped after a report yesterday showed jobless claims in the U.S. rose more than forecast last week. German Chancellor Angela Merkel and French President Francois Hollande will meet the Greek Prime Minister Antonis Samaras today and tomorrow to discuss the pace of reform.

“American markets yesterday closed in the red, mainly because of worse data from the labor market and concern that the resolution of the situation in the euro zone has been coming along very slowly,” Tomas Mencik, a stock analyst at Cyrrus AS brokerage in Brno, Czech Republic, wrote in a report today.

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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