European stocks were little changed, following the Stoxx Europe 600 Index's largest two-day rally in 11 months, as investors awaited a report on U.S. personal spending. U.S. index futures were also little changed, while Asian shares rallied.

The Stoxx 600 was unchanged at 284.53 at 11 a.m. in London after falling as much as 0.3 percent and rising as much as 0.2 percent. The gauge has tumbled 5.5 percent in June, its first monthly retreat in a year. Standard & Poor's 500 Index futures increased 0.2 percent today, following a two-day rally for the U.S. equity benchmark. The Federal Reserve chairman indicated on June 19 that the central bank may start paring its bond-buying program if the economy strengthens. Stocks rebounded yesterday after a report showing slower-than-estimated U.S. economic growth fueled speculation that the central bank will maintain stimulus. The Stoxx 600 has lost 3.2 percent this quarter, its first drop in a year, paring its advance in 2013 to 1.7 percent.

The federal government releases economic data at 8:30 a.m. that may show U.S. personal spending rose in May at the fastest pace in three months. A separate report from the Labor Department at the same time may show jobless claims fell last week.

Subsea 7 tumbled 16 percent to 103.10 kroner after saying it no longer expects full-year earnings to grow from 2012. The Norwegian company increased its estimate for the full-life loss on the Guara-Lula NE project off the coast of Brazil.

Solvay retreated 4.9 percent to 97.70 euros, the biggest drop on a gauge of European chemical makers. Lanxess AG slid 4.7 percent to 45.95 euros and BASF SE lost 3 percent to 67.62 euros after JPMorgan downgraded all three companies to underweight, which is similar to a sell recommendation.

Bankia added 2.2 percent to 59.7 euro cents as the banking group bailed out by the Spanish government last year sold the holding in IAG (IAG) that it obtained in the 2011 merger of British Airways and Iberia.

The company's Bankia Bolsa SA brokerage arm, together with Bank of America Corp., sold the 224.3 million IAG shares at 256 pence apiece, according to a statement.

DS Smith Plc (SMDS) climbed 4.3 percent to 250 pence. The paper company increased its dividend 36 percent to 8 pence apiece, more than analysts had estimated. DS Smith also reported full-year revenue and earnings that beat analysts' estimates. The company added that the current year has started well, matching its expectations.

FTSE 100 6,189.45 +23.97 +0.39%

CAC 40 3,727.65 +1.61 +0.04%

DAX 7,948.31 +7.32 +0.09%