Azernews.Az

By Bloomberg

European stocks were little changed after their biggest five-day gain since 2011, as Greece’s parliament prepared to vote on a package aimed at winning more aid.

The Stoxx Europe 600 Index lost 0.1 percent to 397.91 at 9:18 a.m. in London. Optimism over Greece helped the benchmark gauge rebound 6.9 percent from a July 7 low through yesterday, after falling almost 10 percent from an April record.

Greek Prime Minister Alexis Tsipras is pitching for a set of reforms he claims to have accepted reluctantly and that has members of his own party revolting. The International Monetary Fund said the country’s need for debt relief exceeds what’s on offer. Opposition lawmakers are still likely to back it at a plenary vote scheduled for about 10 p.m. local time. The Athens exchange remains shut through Wednesday.

“We’re making two steps forward, one step back on the Greek issue,” said John Haynes, head of research at Investec Wealth & Investment in London. “The IMF is throwing their hat into the ring and said you’ve got to have debt forgiveness. The market expects the parliament to vote for the austerity package. Political uncertainty will hang around, I don’t know where we’ll end up.”

Among shares active on corporate news, Syngenta AG added 2.9 percent. Paulson & Co. has taken a stake in the Swiss pesticide company in a sign of supporting a takeover attempt by Monsanto Co., people familiar with the matter said.

ASML Holding NV advanced 1.9 percent after the upper end of its third-quarter sales forecast exceeded analysts’ estimates. Burberry Group Plc slid 2.8 percent after saying Asian revenue declined as a drop in Hong Kong sales worsened.

Auto stocks fell the most among Stoxx 600 groups after Credit Suisse Group AG warned of risks from China and Europe. Volkswagen AG and Continental AG declined at least 1.1 percent.