European shares pared losses Friday as investors maintained their risk-averse stance amid the deadlocked U.S. election campaign and a hawkish employment report from the U.S. Labor Department.

Britain's benchmark FTSE 100 fell more than 100 points by mid-day in London before stabilizing at around 6700 points after the October non-farm payroll reported included upward revisions for the previous two months and indicated robust wage growth.

European sentiment was also held down by troubling equity performance in the United States, where the benchmark S&P 500 extended its streak of declines to eight consecutive sessions, the longest losing streak since the global financial crisis in 2008.

Benchmark 10-year U.S. Treasury bonds fell modestly overnight, pushing the yield around 1 basis point higher to around 1.812% before rallying to 1.79% during the European session and then reversing again after the non-farm headlines to trade at 1.83%.

Oil prices were also active in Europe after a Reuters report suggested Saudi Arabia would be prepared to "significantly" ramp up production after the next OPEC meeting in Vienna amid a spat of output agreements with Iran. Brent crude prices plunged 1.25% in the wake of the story to $45.92 per barrel.

Shares in Bayerische Motoren Werke AG (BMWYY)  were an early downside mover in Frankfurt after the German carmaker posted third quarter earnings that were largely in-line with estimates and boosted earnings per share by 15.1% as group revenues topped €23.3 billion. BMW said earnings per share came in at €2.75, up from €2.39 over the same period in 2015, based on EBIT of €2.38 billion. Net profit advance 15.3% from a year ago, the company said, to €1.821 billion.

Shares fell 0.9% to €74.46 each, extending the year-to-date decline past 25%. 

Commerzbank AG (CRZBY)  also fell Friday after Germany's second-largest lender said that slow growth in business loans and restructuring costs hit its bottom line.

Commerzbank posted a net loss of €288 million for the three months ending in September, the bank said, although the figure was firmly ahead of the street consensus of a €509 million loss. The figures follow on from plans in September to cut staff, suspend its shareholder dividend and shift to online banking. Operating profit at the bank was pegged at €429 million, but restructuring costs of around €700 million pushed the bottom line to a net loss.

Commerzbank shares fell 2% to €5.94 each by mid-day in Frankfurt.

In London, International Consolidated Airlines Group (ICAGY) , saw its shares fall nearly 5% after the owner of British Airways and Spain's Iberia, cut its long-term capital expenditure and profit targets Friday amid weakening global demand.

IAG lowered its Ebitdar (earnings before interest, taxed, depreciation, amortization and restructuring) to €5.3 billion ($6.22 billion) a year from €5.6 billion a year as it set out its long-term planning goals for 2016 to 2020 in a trading statement.

Shares in the company fell 4.98% in London trading to change hands at 434 pence, extending the year-to-date decline past 30%.

Away from equities, the European single currency hovered 30-day highs at 1.1107 against the greenback while gold prices rose $2 in Europe to $1302 per ounce.

The pound sterling, however, extended its gains Friday to trade at 1.2495 against the U.S. dollar, building on Thursday's Bank of England decision to kept its key policy rates unchanged publish improved growth forecasts for this year and next amid surprisingly resilient economic data from Europe's third-largest economy.

The pound was also boosted by a U.K. High Court ruling that could force Prime Minister Theresa May to seek parliamentary approval for her plan to trigger the country's exit from the European Union at the end of March 2017.

Sterling gave back some of those gains, however, after the non-farm payroll report to trade at 1.2484.

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