Bloomberg News

Erste Group Leads Czech Shares Lower as European Output Shrinks

February 22, 2012

Feb. 22 (Bloomberg) -- Erste Group Banka AG of Austria fell for a second day, leading Czech shares lower after data showed euro-area services and manufacturing output unexpectedly shrank.

Erste declined 1.5 percent to 468 koruna by 11:15 a.m. in Prague, extending a 0.7 percent retreat yesterday. The PX equity gauge, where Erste has a 22 percent weighting, slid 0.4 percent.

European stocks and commodities fell after a gauge of the region’s services and manufacturing production dropped to 49.7, according to London-based Markit Economics. That was below the forecast of 50.5 by economists in a Bloomberg survey.

--Editors: Peter Branton, Linda Shen

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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