Asian shares looked set to trade lower on Monday, with investors expected to digest a slew of political developments over the weekend.

Eleven countries have agreed on “core elements” in a regional trade pact from which the U.S. pulled out earlier this year. Japan has led talks for the trade deal, called the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP), since the U.S. withdrew. Reuters reported the agreement had not yet been finalized.

Elsewhere, Saudi Arabia has called for an urgent Arab League minsterial meeting to discuss Iran’s role in the region. The meeting, which comes on the back of elevated tensions, is expected to be held in Cairo, Reuters said.

U.S. stocks mostly closed lower on Friday, extending losses made on Thursday. The Dow Jones industrial average slid 0.17 percent, or 39.73 points, to end at 23,422.21 and the S&P 500 edged down 0.09 percent to close at 2,582.30. The Nasdaq composite closed just 0.01 percent above the flat line at 6,750.94.

In Asia, futures pointed to a lower open for Japanese equities. Nikkei futures traded in Chicago were down 0.87 percent at 22,485 and Osaka futures were off off 0.84 percent at 22,490. On Friday, the Nikkei 225 fell 0.82 percent to close at 22,681.42.

Down Under, the S&P/ASX 200 was off 0.11 percent in early trade.

Asian corporates on the earnings calendar on Monday include Mizuho Financial Group and Rakuten. Chinese e-commerce company JD.com, which is listed on the Nasdaq, will report during U.S. hours.

E-commerce giant Alibaba said it brought in a record $25 billion in sales on Singles’ Day this year, above last year’s haul of $17.8 billion. The online shopping event, which initially began as an anti-Valentines’ Day celebration of sorts, takes place annually on Nov. 11.

Meanwhile, ride-hailing platform Uber is on the verge of reaching an agreement to sell a stake of the company to Japan’s SoftBank, the New York Times reported. The deal would see a group of SoftBank-led investors take a stake of at least 14 percent in Uber, the Times added.

Razer, a gaming hardware company, is likely to be in focus as it makes its debut on the Hong Kong Exchange. Razer’s listing follows China Literature’s Hong Kong debut last week, which saw the Tencent-backed online literature platform’s stock rise some 90 percent on its first day of trade.

The dollar index, which tracks the U.S. dollar against a basket of six currencies, stood at 94.442 at 6:59 a.m. HK/SIN, slightly above Friday’s close of 94.392 but below levels around the 94.7 handle early last week. Against the Japanese yen, the dollar traded at 113.58.

Oil prices slipped on Friday. Brent crude futures declined 41 cents to settle at $63.52 a barrel and U.S. West Texas Intermediate crude settled 43 cents lower at $56.74.

Here’s the economic calendar for Monday (all times in HK/SIN):

• 7:50 a.m.: Japan PPI
• 2:00 p.m.: Japan machine tool orders
• 5:00 p.m.: Indonesia loan growth
• 8:00 p.m.: India inflation rate