European Stocks Steady Amid Greece Uncertainty

By Tommy Stubbington 

        European stocks swung between small gains and losses Thursday, with investors still nervously watching Greece's negotiations with its creditors.
        The Stoxx Europe 600 was down 0.1% midmorning. The index rose 1.5% on Wednesday after Greek Prime Minister Alexis Tsipras pitched a compromise to extend Greece's bailout.
        Still, Mr. Tsipras continued to call on Greeks to vote "no" in Sunday's referendum on creditors' previous demands. Opinion polls suggest the vote will be close.
        "Given the blizzard of often conflicting news, the market has followed each twist and turn fairly slavishly. Investors aren't really trying to second guess outcomes," said Jeremy Batstone-Carr, chief economist and strategist at London-based brokerage and wealth manager Charles Stanley.
        With few fresh developments on Greece, and U.S. labor market data due later in the day, investors would likely be reluctant to make any big bets Thursday, he said.
        Futures contracts indicated a 0.1% opening gain for the S&P 500. Changes in futures aren't necessarily reflected in market moves after the opening bell.
        The euro edged 0.2% higher against the dollar to $1.1067. The buck had gained on Wednesday on strong private sector jobs data.
        A stronger-than-expected nonfarm payrolls report on Thursday could bring forward investor expectations for a Federal Reserve interest rate rise, further boosting the buck. Economists expect the U.S. economy added 233,000 jobs in June, according to a survey by The Wall Street Journal.
        Elsewhere in currency markets, the Swedish krona fell sharply after the country's central bank cut interest rates further into negative territory and beefed up its asset purchase program. The euro was 0.7% higher against the Swedish currency at 9.3321 kronor.
        In bond markets, safe-harbor German debt gave up some of its recent gains. The 10-year German bond yield climbed 0.04 percentage point to 0.85%. Yields rise as prices fall.
        In commodities, Brent crude oil rose 0.6% to $62.37 a barrel. Gold fell 0.4% to $1,165.10 a troy ounce.
        Write to Tommy Stubbington at tommy.stubbington@wsj.com
        (END) Dow Jones Newswires

        July 02, 2015 05:18 ET (09:18 GMT)

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