BUZZ-European stocks: Dispersion returns

** European equities giving active managers a fighting chance as earnings season begins, with indices showing healthy dispersion as well as good volumes relative to futures

** With Greece fears receding and an index-driven relief rally stalling, stocks trading more on fundamentals

** Dispersion between the best and worst stocks on the Stoxx 600 above 20 pct for the second day running

** 175 stocks within 5 pct of 52-week highs, with 27 (mainly resources)

** Breadth not just skewed to upside: 11 stocks down more than 10 pct this week with just two stocks up more than 10 pct

** Trader notes futures to cash ratio - a sign of underlying liquidity in cash equities - back towards 2x, down from around 6x in early June and below the YTD average of c.3x suggesting influence of futures receding

** Similar trend seen in the U.S. where flat indices belie big moves on underlying indices

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)