Europe midday: Shares stuck in a rut as US election counts continue

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 0.32% with national indices flat or lower. The Stoxx was on course to rise 7% for the week.

US futures were weaker with the Dow Jones indicating a fall of 160 points. Democratic challenger Joe Biden was still inching towards the White House, and had overtaken President Donald Trump in Georgia at the latest count.

Trump launched another attack on the electoral process so baseless that television networks cut away to issue warnings on the veracity of his claims. Biden needs to win in just one of the four key states yet to be called: Georgia, Nevada, North Carolina and Pennsylvania.

Investors were also eyeing October US payroll data for October with expectations for 600, 000 jobs to be added and an unemployment rate of 7.7%.

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 2.48%, 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 1.7% % 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 10% 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 up after reporting a third-quarter net profit fell, but slight gain in gross written premiums.