WELLINGTON, Australia -- Asian shares are set to fall Monday after technology stocks led Wall Street lower and data showed consumer spending slowed in the United States, Asia's biggest export market.

All three major US stock indices fell more than 1.0 percent on Friday, as Dell Inc. posted a sharp drop in earnings and warned that companies world wide are trimming technology spending.

Markets were also pressured as a government report showed US personal income fell unexpectedly in July as spending slowed.

Wall Street is closed Monday for the Labor Day holiday.

Oil rose more than $1.00 a barrel on Sunday to top $117 as hurricane Gustav took aim at a swath of US oilfields and refineries in the Gulf of Mexico.

More than 96 percent of oil production in the US Gulf of Mexico was shut down by Sunday, according to the US government. The Gulf produces approximately 1.3 million barrels per day of crude oil, roughly a quarter of US domestic output.

The US dollar strengthened, despite the consumer spending report, as other data painted a better picture of growth in the United States than in the rest of the world.