NYSE, Deutsche Boerse Retreat After Plan for European Tax
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NYSE Euronext and Deutsche Boerse AG led exchange operators lower in U.S. trading after French President Nicolas Sarkozy said his nation and Germany will propose a financial-transaction tax in September.
Sarkozy didn’t provide details on the proposal during a press conference with German Chancellor Angela Merkel in Paris. The Bloomberg World Exchanges Index of 25 companies lost 1.6 percent at 4:54 p.m. in New York as NYSE Euronext, which operates stock and derivatives exchanges in London and Paris, fell 8.4 percent. Deutsche Boerse AG, owner of the Frankfurt exchange, slumped 8.4 percent in U.S. trading.