European shares ended sharply lower on Friday, marking the biggest weekly decline in more than five years, as weaker than expected U.S. non-farm jobs data dampened sentiment and raised economic concerns.

European shares sank 2.6 percent on Thursday, ending at their lowest closing level since July 17, on intensifying worries over growth in both the euro zone and the United States.

European share prices retreated on Wednesday, ending at their lowest closing level in a week, as weak economic data for the euro zone fuelled fears of a recession in the region.

European shares were higher midday on Tuesday as a sharp fall in oil prices helped to ease inflation worries, boosting banking and airline stocks.

European shares fell on Monday, led by weaker commodity stocks tracking falling oil and metals prices, while Commerzbank slipped 10 percent after it agreed to buy Dresdner Bank from Allianz.

European shares rose for the fourth straight day on Friday, led by UK bank HBOS and French retailer Carrefour, while Finnish mobile phone maker Nokia was the biggest blue-chip loser

Pakistani stock exchange authorities set a floor of 9,144 points for the Karachi Stock Exchange index on Thursday following heavy losses in recent days, the exchange said.

European stocks closed sharply higher on Thursday as investors returned to the market after crude prices slipped and data showed the U.S. economy expanded at a much stronger rate than reported earlier.

China's securities regulator, seeking to support the weak stock market, said it would make it easier for large shareholders in listed companies to increase their stakes.

Dollar Tree reported a higher profit on Wednesday but gave a forecast for the full year that fell short of Wall Street expectations, sending the retailer's shares down more than 6 percent.

European shares rose on Wednesday as higher crude oil prices lifted energy stocks such as Royal Dutch Shell and strong U.S. durable goods data eased concerns about a recession in the world's largest economy.

European shares extended the previous session's losses by midday on Tuesday, as oils and miners tracked weaker commodity prices, while banks remained pressured by an uncertain financial sector outlook.

With the decline in oil prices, inflationary pressures are easing for the moment. The Federal Reserve’s policy makers all acknowledge as much. But that has not halted their debate over whether to raise interest rates now to avoid higher inflation in the future.

European shares fell on Monday, led by financials amid ongoing worries about the health of the sector and energy majors as crude oil prices extended the previous session's steep slide.

European stocks ended sharply higher on Friday, lifted by a rebound in financial shares on the prospect that U.S. investment bank Lehman Brothers might be bought, while oil eased to around $118 a barrel.