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
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