French voters ousted incumbent Nicolas Sarkozy, a key architect of bailouts for indebted countries and an advocate of austerity measures, in a presidential election on Sunday.
Greek voters enraged by economic hardship caused by the terms of an international bailout also turned on ruling parties in an election on Sunday, putting the country's future in the euro zone at risk and threatening to revive Europe's debt crisis.
Adding to the negative sentiment, U.S. employers cut back on hiring in April, spurring concerns that the U.S. economy is losing momentum.
Japan's Nikkei [.N225 9380.25 --- UNCH ] was likely to trade between 9,050 and 9,200 after closing up 0.3 percent at 9,380.25 on Wednesday, strategists said. The Japanese market was closed on Thursday and Friday for national holidays.
Nikkei futures in Chicago closed at 9,150 on Friday, down 250 points or 2.7 percent from the Osaka close of 9,360 on Wednesday.
Nissan Motor will be watched. The automaker and partner Renault [RENA.PA 32.495 -1.625 (-4.76%)] moved to expand in the growing Russian car market on Thursday with a $750 million deal that would give the French manufacturer effective control of Lada maker OAO AvtoVAZ.
Japan's top trading companies will be in focus after they emerged as frontrunners in the race to buy Gavilon as the U.S. grain and energy trader seeks final bids this week, according to several people familiar with the matter.
Marubeni, Mitsubishi Corp and Mitsui & Co have been evaluating bids for all or part of Gavilon, even as they consider the valuation of over $5 billion by the company's owners expensive, the sources said.
Australian shares are set to open lower as investors worry about the impact of elections in Greece and France, as well as the weaker-than-forecast U.S. employment data.
Shares in explosives maker Orica will be watched after the firm reported a 4 percent fall in first-half profit on Monday, beating market forecasts even after chemical leaks forced it to shut a plant temporarily and heavy rain and strikes hit demand from coal mines.
Australia's stock index futures were at 4,340 points, a 56.04 point discount to the close of the underlying S&P/ASX 200 index [AU;XJO 4396.00 --- UNCH ] on Friday. The benchmark declined 0.7 percent on Friday.
New Zealand's benchmark NZX 50 index fell 0.1 pct, or 4.9 points, to 3,544.9 in early trade.
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