Asian shares near 2011 low as oil woes deepen

People are reflected in a stock quotation board outside a brokerage in Tokyo, Japan January 14, 2016. REUTERS/Toru Hanai

Asian shares are set to slide to near their 2011 troughs on Monday following weak U.S. economic data and falls in oil prices that showed no sign of abating, stoking further worries about a global economic downturn.

The Nikkei futures’ Friday close <0#NIY:> suggests Japan’s Nikkei .N225 is likely to fall more than two percent, below its September trough to one-year lows while Australian shares on Monday fell 1.7 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, which has fallen 10.5 percent in the first two weeks of the year, is within sight of its 2011 low, which is 3.7 percent below its Friday close.

On Wall Street, S&P 500 .SPX hit a 15-month low on Friday, ahead of a market holiday on Monday for Martin Luther King Jr. Day.