MARKETS-GLOBAL (WRAPUP 6) * Global stocks extend losses after U.S. labor report * Dollar rallies vs yen after U.S. January jobs data * Euro touches lowest against the dollar since May * Bonds gaining after mixed U.S. employment report * Oil slips below $73 a barrel, spot gold also lower (Updates with U.S. markets, changes dateline, adds byline) By Natsuko Waki and Herbert Lash LONDON/NEW YORK, Feb 5 (Reuters) - Global shares slid to three-month lows on Friday as government bonds and the dollar rose after unexpected weakness in the U.S. labor market and euro zone sovereign debt problems pressured risky assets. The euro fell to its lowest level against the U.S. dollar since May on rising risk aversion. The cost of insuring the debt of some euro zone countries against default hit record highs on worries over their fiscal positions. The dollar was bolstered against both the euro and yen after a report on U.S. payrolls showed American employers cut more jobs in January even as the unemployment rate fell. The dollar's strength hammered commodity prices, which fell sharply in Thursday's global rout, with gold and copper both sliding to three-month lows. U.S. stocks turned lower after initial gains while gold cut some losses on the mixed picture on U.S. labor conditions, which suggested recovery from the deepest global recession since World War Two would remain uneven. The U.S. economy shed 20,000 non-farm payroll jobs in January and the unemployment rate unexpectedly fell to five-month low of 9.7 percent. Analysts had expected a gain of 5,000 jobs while the jobless rate was seen edging up to 10.1 percent from 10 percent in December. "It's a series of conflicting data. ... The positive take is basically it wasn't a total disaster, but the flip side of it is you're not seeing a recovery," said Doug Roberts, chief investment strategist at Channel Capital Research.com in Shrewsbury, New Jersey. The MSCI all-country world index fell 1.8 percent, hitting its lowest since early November. European shares fell to two-month lows, following sharp falls in Asia. At 10 am. (1500 GMT) the Dow Jones industrial average was down 44.81 points, or 0.45 percent, at 9,957.37. The Standard & Poor's 500 Index was down 4.10 points, or 0.39 percent, at 1,059.01. The Nasdaq Composite Index was down 7.59 points, or 0.36 percent, at 2,117.84. The euro fell as low as $1.3649. The single currency has been under pressure all week as widening government bond spreads highlighted concerns over the ability of some euro zone governments to pay their debts. The bond prices of heavily indebted euro zone countries, including Greece, Portugal and Spain, fell sharply. The cost of insuring Greek, Portuguese and Spanish debt against default, measured by credit default swaps, both hit record highs on Friday. The concern over sovereign credit has also begun to knock confidence in markets beyond the euro zone. Stocks in emerging markets have fallen sharply in the past two weeks, with a key index at a three-month low. Crude oil fell 30 cents to $72.84 a barrel after hitting intraday low of $72.42 on Thursday. Spot gold fell $5.70 to $1,057.30 after touching a three-month low of $1,049.50 an ounce. U.S. government debt prices rose in choppy trading. The benchmark 10-year U.S. Treasury note was up 2/32 in price to yield 3.59 percent.

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