Most European stocks retreated as German Chancellor Angela Merkel and French President Nicolas Sarkozy rejected an expansion of the region’s rescue fund and rebuffed calls for joint euro borrowing. Asian shares and U.S. index futures were little changed.
Carlsberg A/S, the Nordic region’s largest brewer, plunged 14 percent after reducing its full-year outlook. Deutsche Boerse AG (DB1) and London Stock Exchange Group Plc (LSE) lost more than 3 percent amid plans for a financial-transaction tax.
The benchmark Stoxx Europe 600 Index declined 0.3 percent to 236.79 at 9:08 a.m. in London as more than three stocks dropped for every two that climbed. The MSCI Asia Pacific Index gained 0.2 percent and Standard & Poor’s 500 Index futures rose 0.1 percent.
“The Sarkozy-Merkel meeting was the major event yesterday and anyone expecting a rabbit to be magically pulled from one of their hats would have been disappointed,” Jim Reid, a global strategist at Deutsche Bank AG in London, wrote in a report today. “Whilst markets will ponder the potential effects on market liquidity and the broader economy arising from the financial-transaction tax, it was the broader tax agreement that was unexpected.”
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