European Stocks Turn Lower as Strong U.S. Jobs Data Stokes Rate Fears; Philips Plunges on FDA Criticism

European stocks turned negative on Friday after stronger-than-expected U.S. jobs data showed the labor market remains tight.

The pan-European Stoxx 600 index erased gains to trade down 0.1% after the data was released.

U.S. nonfarm payrolls rose by 336,000 in September, exceeding estimates. The unemployment rate edged up to 3.8%.

Philips shares plunged 9% to the bottom of the Stoxx 600 after the FDA criticized the company's handling of a product recall.

Insurance stocks led gains in early trade, with Aviva up 9%, before the market turned lower on the U.S. jobs report.