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By Bloomberg

European stocks were little changed as Greek shares rallied after a report that the nation won access to more emergency funding for its banks.

The Stoxx Europe 600 Index added 0.1 percent to 409.38 at 2:04 p.m. in London after earlier rising as much as 0.6 percent and falling 0.8 percent. Greece’s benchmark ASE Index climbed 1 percent, the most among western-European markets, with its banks heading for their biggest gains in a month.

“Positive news are priced in and everyone is waiting for more good news,” said Christian Stocker, a strategist at UniCredit Bank AG in Munich. “What we now need is a strong increase in earnings momentum.”

Greece’s ASE rose after closing at its lowest level since 2012. Its banks jumped 8.7 percent, rebounding from a record low. Piraeus Bank SA and Eurobank Ergasias SA rallied more than 11 percent.

The European Central Bank’s Governing Council raised the cap on Emergency Liquidity Assistance by about 1.5 billion euros ($1.6 billion) to 75.5 billion euros in a teleconference on Wednesday, people familiar with the decision said.

The Stoxx 600 climbed 1.4 percent in the past two days, closing within 1.2 percent of the record it reached earlier this month. It’s rallied 19 percent this year through Tuesday as the ECB embarked on a quantitative-easing program.

Kering, Tesco

Retailers in the Stoxx 600 dropped the most among 19 industry groups in Wednesday. Kering SA lost 5 percent as it posted a worse-than-expected drop in revenue at its Gucci brand. Tesco Plc fell 3.9 percent after reporting its biggest annual loss ever. Heineken NV declined 2.2 percent after the world’s third-biggest brewer posted sales that advanced less than analysts projected.

Among stocks rising, Roche Holding AG gained 2.1 percent after reporting first-quarter revenue that beat analysts’ estimates. Volvo AB rallied 14 percent and Rolls-Royce Holdings Plc gained 3.5 percent after the companies named new chief executive officers.

ASML Holding NV jumped 12 percent after Europe’s largest chip-equipment maker won its biggest order yet for a new type of machinery it’s betting on to boost sales. That sent technology companies for the biggest gains among Stoxx 600 industry groups.