Europe stocks likely lower; US jobs data spurs hike debate

European equities are expected to open lower on Monday amid speculation that Friday's better-than-expected U.S. jobs report will lead the Federal Reserve to hike rates soon.

Asian stock markets were trading lower on Monday after Friday's over 1 percent drop on Wall Street weakened investor sentiment. Stronger-than-expected U.S. nonfarm payrolls added to investor jitters, raising the prospect that the Federal Reserve could hike interest rates sooner rather than later.

The monthly indicator showed a gain of 295,000, above expectations of 240,000 but down from 257,000 in January. The unemployment rate fell to 5.5 percent, while hourly wages ticked up 0.1 percent, below consensus and down from the surprise 0.5 percent gain in January.

In Europe, the European Central Bank launches its 1 trillion euro ($1.1 trillion) bond-buying program on Monday. Euro zone finance ministers will also meet to discuss Greece's reform plans. Greek Finance Minister Yanis Varoufakis told Italian newspaper Corriere della Sera Sunday that if Greece's plans were rejected, the country could call a referendum or hold early elections.

Meanwhile, Italy's four-time ex-Prime Minister Silvio Berlusconi confirmed on Sunday his party would not support the government's proposed constitutional reforms as he sought to reclaim his leadership of the center-right, Reuters said Sunday.

Investors will also keep an eye on any more dramatic moves from the Swiss National Bank after a Swiss newspaper Schweiz am Sonntag, reported by Reuters, said that sources had told it that the central bank could push interest rates further into negative territory to deter investors from piling into the safe-haven Swiss franc.

In commodities news, the secretary general of the Organisation of the Petroleum Exporting Countries (OPEC), Abdullah al-Badri, said on Sunday that the group's exporters should not cut output to "subsidize" higher-cost shale, Reuters reported.

There are no major earnings or data releases Monday.