European stocks swung lower Friday, locking in a weekly loss, as a much weaker-than-anticipated U.S. jobs report stoked worries about global growth.

U.S. stocks pared earlier losses to close modestly lower Friday as investors weighed implications of a dismal jobs report on the Federal Reserve monetary policy decision in two weeks.

The U.S. economy created just 38,000 jobs last month, the weakest level of hiring in nearly six years.

Also, a pair of surveys released Friday show the services side of the U.S. economy slowed in May. The weak jobs report coupled with other data, pointing to relative weakness in the economy, likely squelches prospects for a rate increase by the Federal Reserve later this month, according to analysts.

Asian shares rose on Monday and the dollar wallowed close to its lowest in nearly a month after U.S. nonfarm payrolls showed the slowest job growth in more than five years, quashing expectations for a near-term U.S. interest rate hike.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.4 percent in early trade. Wall Street ended down on Friday, though off session lows, with the S&P 500 .SPX finishing within just 1.5 percent of its record closing high.

Japan's Nikkei stock index .N225 slipped 1.6 percent, after the dollar skidded 2 percent against the yen on Friday.