European stocks were little changed, after posting their biggest jump in a month, amid ongoing negotiations over Greece’s financial aid.
The Stoxx Europe 600 Index slipped less than 0.1 percent to 390.68 at 8:16 a.m. in London. Prime Minister Alexis Tsipras is heading into talks with his country’s creditors after promising Germany and France that he will step up efforts to find a package of reforms and budget fixes to release financial aid. Tsipras has until the end of the month to reach a settlement before the country’s bailout agreement expires.
The Stoxx 600 jumped the most in a month on Wednesday, rebounding from its lowest level since February. Europe’s benchmark gauge lost 7.3 percent from its April record through Tuesday. But even with lingering concerns over Greece, European Central Bank stimulus is providing a floor to drops as traders increasingly view them as buying opportunities. In past instances when the Stoxx 600 fell for six straight days, it ended in gains of more than 7.5 percent in the following month.
Greece’s ASE Index fell 1.1 percent on Wednesday to its lowest level since April 23. A gauge tracking its banks lost 5.5 percent.
Among stocks moving on corporate news, Royal Mail Plc fell 3.2 percent as Britain’s new government is selling half of its 30 percent stake in the company. Schneider Electric SE lost 1.3 percent after JPMorgan Chase & Co. noted the company said at a conference that the second quarter was off to a “weaker-than-expected start.”
LVMH Moet Hennessy Louis Vuitton SE gained 1.5 percent after JPMorgan raised its rating on the stock to the equivalent of a buy, saying the company may have among the best growth in the luxury industry.
Source: Bloomberg
