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By Bloomberg

European stocks fell for a second day as the region’s finance ministers meet amid growing concern over Greece’s ability to reach a deal.

The Stoxx Europe 600 Index lost 0.7 percent to 381.09 at 9:11 a.m. in London, taking its June decline to 4.6 percent. Euro-area finance chiefs meet in Luxembourg today in what has been billed as a last chance for Greece to agree upon terms for as much as 7.2 billion euros ($8.2 billion) in aid.

The country has snubbed European creditors’ pleas to submit a new plan to avert insolvency, with both sides claiming the other has to make the first move. German Chancellor Angela Merkel, leader of the biggest contributor to Greek bailout funds, is seeking to restore calm after acrimonious exchanges.

“The market doesn’t like biding time and hates uncertainty,” said Carsten Hilck, senior fund manager at Union Investment Privatfonds GmbH in Frankfurt. “We’re all just waiting for that relief rally when a solution is finally reached on Greece. The fact that the outcome is still unknown is making people nervous and bugging markets. We just want to get the topic off the agenda as soon as possible.”

The uncertainty is souring a winning streak for stocks. The Stoxx 600 has lost more in market value from its April peak than the benchmark indexes of Spain, Portugal and Ireland combined. The European gauge is heading for its worst month in two years, coming on the heels of its biggest quarterly advance since 2009.

While Federal Reserve assurances of more gradual rate increases in 2016 sent U.S. shares higher yesterday, they haven’t been enough to halt the Stoxx 600’s decline as investors stay focused on Greece.

Carmakers Fall

A gauge of automakers posted the worst performance among 19 Stoxx 600 groups on Thursday, with Volkswagen AG and Renault SA slipping at least 1 percent.

Among stocks moving on corporate news, Bilfinger SE tumbled 14 percent after saying a review revealed substantial losses at its power business. The company said it will sell the unit within a year.

SAP SE declined 1.5 percent after U.S. peer Oracle Corp. reported quarterly profit and sales that missed analysts’ estimates. ABB Ltd. dropped 2.6 percent after UBS AG recommended selling the shares, saying consensus estimates on the performance of some businesses are too high.