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.