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.