European stocks fall and Dow futures fall as investors look at election results and US jobs data


The East Front of the Capitol is seen in Washington, Wednesday, November 4, 2020.

AP

European elections and US stock futures fell on Friday as panic ahead of the weekend, with US election results and COVID-19 transitions on both sides of the Atlantic in focus.

Closely watched US Jobs data is also set to be released later than Wall Street’s Open.

On Thursday at the heels of 1%, its fifth-straight positive close, the Stoxx Europe 600 Index SXXP,
-0.52%
Dropped by 0.4%. The index was set for its best weekly returns since the week ending on Thursday. 5. German Dax 30 Index Dax,
-0.96%
Fell 0.9%, French CAC 40 PX1,
-0.86%
Slide 0.6% and FTSE 100 Index UKX,
-0.23%
Was flat

Set to break a winning streak, US equity futures were under pressure. Dow Jones Industrial Average Futures YM00,
-0.56%
Fell over 170 points, with the S&P 500 ES00
-0.74%
Futures 0.7% and Nasdaq-100 futures NQ00,
-1.03%
1% below. The stock closed its fourth-straight session of gains on Thursday and was set for the best weekly returns since April.

“The risk-on phases going on at a fast-moving stock seem to bear the fact that even if Biden takes over the White House, his inability to take on both the Senate and the House may have severed his progressive wings, “Joshua Mahoney, Senior Market Analyst at IG, in a note to clients.

But after seeing such strong gains this week, investors were ready for further political growth ahead of the weekend.

Democratic challenger Joe Biden appeared to be close to winning the White House against President Donald Trump, whose campaign has presented legal challenges to voting results for several states. Early Friday, Biden pulled ahead of Trump in ballot-counting in Georgia.

The result can still go either way. Biden has yet to win in one of four swing states – Georgia, Nevada, North Carolina and Pennsylvania – while Trump needs to win in all four. At a news conference late Thursday night, Trump repeated the claim of electoral fraud, with no evidence.

Investors were cautious ahead of US economic data with payrolls on tap for October. This is why growing coronavirus cases were also gaining attention. Economists have been expecting small jobs gains since the economy reopened.

The US on Thursday noted more than 100,000 new coronovirus cases for a second straight day, the only country to reach that severe daily marker. This is why many European countries have imposed lockdown and curfew to prevent the virus.

Denmark will wipe out its entire mink population of up to 17 million after a mutation of coronovirus found in animals found in humans.

Among European stocks, the food sector had the weakest performance, with heavy-weight Nestle NSRGY holding the stock,
-0.12%

NESN,
-0.98%
1% is falling. Shares of Danone Bn,
-2.10%
1.3% lost.

Read: Why Danone Stocks Can Be Delicious for Investors

The shares of several European companies were active after the results. Allianz ALV,
+ 0.58%
The stock climbed 0.8% after German insurer reported higher third quarter net profit. The company said it would discontinue the previously suspended 2020 share buyback program due to economic uncertainties generated by the coronovirus epidemic.

Shares of Compagnie Financier-Rickmont CFR, owner of Cartier,
+ 7.50%
After the first e-better-than-expected result grew by 10% and after the announcement of partnership with Chinese e-commerce group Alibaba Baba,
-2.69%
And fashion-retail platform Farfetch FTCH,
+ 7.81%.

French insurer scorer SCR,
+ 7.08%
Net profit declined in the third quarter, but there was a slight gain in gross written premiums. Shares climbed 6%.

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