Europe close: Stocks dip after week-long rally
European equities were stuck in a rut on Friday as investors awaited the outcome of the US election and warily watched the continued spread of Covid-19 infections.
The pan-European Stoxx Europe 600 index was down 0.20% at 366.4, alongside a 0.7% drop for the Dax to 12,480.02, while the Cac-40 fell 0.46% to 4,960.88.
But for the week they were 6% and 8% higher, respectively.
US non-farm payrolls data for October printed ahead of forecasts at 638,000 (consensus: 580,000) but some economists warned that a weak print lay ahead for November as Covid-19 cases continued to accelerate and small businesses retrenched.
Meanwhile, ballot counting in the US states of Pennsylvania and Georgia were continuing apace and might be enough to give Joe Biden the White House if finally confirmed.
To take note of, reports indicated that recounts in some states, including Pennsylvania, were likely.
In equity news, RSA Insurance was in the spotlight after it confirmed it is in talks to sell itself for £7.2bn to a consortium comprising Canada's Intact Financial Corp and Tryg A/S of Denmark. The consortium has proposed paying 685p a share in cash for the FTSE 100 insurer. RSA would pay its proposed interim dividend of 8p a share.
The shares were down 3%, having rocketed 46% into the close on Thursday on speculation of a takeover.
Other insurers were in the black, however, with Aviva, Legal & General, Prudential, Hiscox and Direct Line all up.
Shares of Allianz rose 0.67% after the German insurer reported higher third-quarter net profit. The company said it would discontinue a previously suspended 2020 share buyback program due to economic uncertainties sparked by the coronavirus pandemic.
Shares of Compagnie Financiere-Richemont soared 9% after profits fell sharply in its first half-year as the pandemic hit sales hard, but said it saw some positive trends in the second quarter.
French insurer Scor saw its shares jump after reporting a third-quarter net profit fell, but slight gain in gross written premiums.