U.S. stocks pared gains, while European equities fell with the euro amid 11th-hour wrangling before bailout funding for Greece ends. Treasuries rose, trimming the first quarterly retreat since 2013.
The Standard & Poor’s 500 Index fell less than 0.1 percent at 12:29 p.m. in New York, erasing a 0.8 percent gain. The gauge tumbl the most in a year Monday, leaving it lower for the past three months after nine straight quarterly gains. The Stoxx Europe 600 Index slid 1.3 percent, capping its worst quarter since 2012. The euro lost 0.8 percent to $1.1142, paring its first quarterly advance versus the dollar since early 2014. The yield on 10-year Treasury notes was little changed after tumbling 15 basis points Monday.
The Greek government asked for a two-year bailout program from the European Stability Mechanism, though the proposal didn’t include any of the economic-reform measures negotiators had sought for months. German Chancellor Angela Merkel said there would be no negotiations until after a July 5 Greek referendum. The nation has until 6 p.m. New York time to make a $1.7 billion payment to the International Monetary Fund as Europe’s funding expires.
Source : Bloomberg