European stocks declined for the third time in four days, as investors awaited a Greek referendum on creditors’ proposals this weekend.

The Stoxx Europe 600 Index lost 0.4 percent to 385.46 at the close in London, after rising as much as 0.3 percent in the morning. The gauge was little changed most of the day, and began falling as the euro strengthened against the dollar following a U.S. jobs report. Automakers were among the biggest decliners, while energy companies rose the most among 19 industry groups as oil advanced.

The benchmark gauge of Europe’s stocks has fallen 2.9 percent in the past four days, heading for its biggest weekly drop since May. Negotiations over Greece’s bailout broke down last weekend, when Prime Minister Alexis Tsipras announced the surprise July 5 referendum on creditors’ aid terms.

A measure of expected stock volatility was near a three-year high reached 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.

Source : Bloomberg