WELLINGTON, New Zealand - Asian shares were set to open lower on Monday after Wall Street notched up its worst week in seven years and more European governments were forced to shore up their banking systems in a bid to contain the spreading crisis.

Despite the $700 billion (S$1 trillion) U.S. rescue package for stricken banks being passed into law on Friday, investors feared the bailout would not be enough to avert a U.S. recession. The major U.S. indexes slipped as much as 1.5 percent, after Friday?s U.S. jobs report showed the biggest fall in more than five years.

The U.S. dollar rose against the euro on concerns over further credit-related damage from European banks, while it eases slightly against the yen.

While the United States bought breathing room in the credit crisis with a series of takeovers and bail-outs, Europe fought at the weekend to contain the fallout.

Germany said it would guarantee more than 500 billion euros ($693 billion) in private deposit accounts to protect savers from the worst financial crisis since the 1930s. Austria and Denmark quickly followed suit.

German officials clinched a rescue deal for lender Hypo Real Estate, Belgium and Luxembourg found a buyer for Fortis in BNP Paribas, and UniCredit, Italy?s second-biggest bank, announced plans to raise capital.

Commodity prices eased, with oil dropping 2 percent in early Asian trade, on the grim economic outlook.