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By Bloomberg

European stocks were little changed, after rebounding from a four-month low, as investors awaited a Greek referendum on creditors’ proposals this weekend.

The Stoxx Europe 600 Index added less than 0.1 percent to 387.24 at 12:17 p.m. in London, paring an advance of as much as 0.3 percent. RWE AG jumped 5.6 percent, leading utilities to the biggest gains among 19 industry groups.

The benchmark gauge of Europe’s stocks rose 1.5 percent on Wednesday after slumping 3.9 percent in the previous two days, its biggest decline of the year. Equities fell as negotiations over Greece’s bailout broke down when Prime Minister Alexis Tsipras announced the surprise July 5 referendum on creditors’ aid terms.

“People will just wait and see what happens after the referendum,” said Benedict Goette, founder of asset-management firm Compass Capital AG in Zurich. “The dynamics are still difficult for the market. There’s another turn every other day, a new rumor, a new leaked document.”

A measure of expected stock volatility jumped to a three- year high this week. A survey showed more Greeks are going against the government’s call to vote against creditors’ demands. The nation is now living with capital controls and has shut banks and its stock market after its euro-area financial- aid package expired and it missed a payment to the International Monetary Fund. Further bailout negotiations would have to wait until after the referendum.

Stock Drop

After jumping 21 percent this year to a record in April, the Stoxx 600 began its descent amid a rebound of the euro, a bond rout and, finally, intensifying Greek talks. It slumped 4.6 percent in June, the most in two years. Germany’s DAX Index, among the biggest gainers at the start of the year, became the worst-performing developed market in the second quarter -- yet traders are still sending money to the shares.

European equities remained little changed after a U.S. payrolls report showed employers added 223,000 jobs and the unemployment rate fell to a seven-year low of 5.3 percent.

RWE, the utility whose coal-fired plants make it Europe’s largest carbon emitter, headed for its biggest jump since 2013 after Germany’s governing coalition agreed not to introduce a coal levy that had been discussed for months.

Dixons Carphone Plc added 1.4 percent after saying its Connected World Services unit has entered into an agreement with Sprint Corp. to open and manage Sprint-branded stores in the U.S. Syngenta AG climbed 3.3 percent as Monsanto Co.’s chief executive officer will be in Europe to meet with investors of the Swiss pesticide producer as he pursues its takeover.

Electrolux AB slumped 11 percent after the U.S. government sued to block its takeover of General Electric Co.’s appliance business. Lawyers for Electrolux said there is no justification for the lawsuit.

K+S AG lost 1 percent after people familiar with the talks said the German potash supplier plans to reject a takeover offer from Potash Corp. of Saskatchewan Inc. because it deems the bid to be too low.