Europe close: Stocks end mixed

LONDON (ShareCast) - European stocks finished mixed after US job figures for October came in weaker-than-expected unsettling investors. October non-farm payrolls data showed the US unemployment rate rose to 10.2% from 9.8% in September. The number of jobs lost in October was 190,000, versus expectations of 175,000 job losses.

Across the markets, the German DAX squeezed out a 7 point gain to 5488, with the French CAC falling 1 points to 3706.

Airlines including Germany's Lufthansa (Xetra: 823212 - news) and British Airways (LSE: BAY.L - news) went well. British Airways reported a record loss of £292m and urged Unite to withdraw its plans for a strike ballot and resume talks with the carrier.

The loss before tax of £292m, or £244m before restructuring costs, compares with a profit of £52m last year. Revenue was down 13.7% to £4.1bn. Net losses came to £208m.

Banks were also on the rise. Credit Agricole (Paris: FR0000045072 - news) , Societe Generale (Paris: FR0000130809 - news) and BNP Paribas (Paris: FR0000131104 - news) are among the best performers in France. More huge write-offs sent Royal Bank of Scotland (LSE: RBS.L - news) deep into loss over the past three months.

The state-controlled bank, which on Tuesday announced another £33bn cash injection from the government, lost £2.1bn in the three months to September compared to a profit of £1.9bn. Nine-month losses now total £2.06bn against a profit £1.8bn this time last year.

German reinsurance firm Hannover Re swung to a third-quarter net profit of €159.4m compared with a loss of €395m.

On the downside, building materials group Lafarge (Paris: FR0000120537 - news) is lower after it saw its third-quarter net income fall 38% to €404m as revenue dropped 20% to €4.3bn.