Photo taken on July 7, 2022 shows the currency of Euro and US dollar in Brussels, Belgium. [Photo/Xinhua]

Stock markets across Europe were unnerved Monday due to weak economic figures posted in the United States.

The U.S. Labor Department released weaker-than-expected job growth figures on Friday, casting doubt over the near-term future for the world's largest economy. That news came late in the trading day for European stocks, which recoiled late in the day, with trading finishing Friday down 2.8 percent.

They continued their losses at the opening bell Monday, with some major exchanges starting out down as much as 4.0 percent. Those losses pushed the exchanges to their lowest levels since February.

"The U.S. economy is a main driver for the global economy and as worries of a slowdown mount it puts global markets in turmoil," Greg McBride, chief analyst with Bankrate, told Xinhua. "Friday's jobs report was worrying but there have been a series of troubling indicators."

Even before Friday's jobs forecast markets had already been shaky following a recent series of weak economic reports from key bellwether multinationals.

Trading volumes were heavy in Europe, and markets across the continent opened weaker. But they stabilized and by the end of the day they began to claw back territory after speculation began to circulate that the U.S. Federal Reserve could slash interest rates when it next meets to increase liquidity in the markets.

By the end of trading Monday, the Milan exchange's blue-chip index was 2.6 percent lower, the main index for the Frankfurt Stock Exchange in Germany and the Netherlands' Amsterdam Exchange each lost 2.1 percent, Spain's Madrid bourse lost 2.4 percent, and in Paris stocks closed down by 1.4 percent. Outside of the European Union (EU), the London Stock Exchange slipped 2.0 percent.

With all the ups and downs in trading Monday, volatility measures on European exchanges reached their highest one-day level since the COVID-19 pandemic.

The euro also grew stronger against the U.S. dollar Monday, closing the day at above 1.10 U.S. dollars per euro for the first time since late last year, reflecting some movement away from the U.S. currency. Bond yields also surged, especially in second-tier European markets, where the spread compared to German bonds widened. Higher bond rates are a reflection of increased nervousness from investors.

"What we have seen is a recipe for volatility," McBride said, in reference to the news from the U.S., as well as earnings reports and currency issues.

European policy makers tried to assuage investor concerns Monday, noting that inflation in the EU was coming down and economic growth was starting to gain momentum.

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