The FTSE 100 <.FTSE> index is seen falling on Monday, tracking weakness overnight in Asia, as new European leaders battle with the sovereign debt crisis, and as a U.S. bipartisan committee looked set to miss a deficit reduction deadline.

The UK blue chip index looked set to shed 46 to 49 points, or as much as 0.9 percent, according to financial bookmakers, after it fell 60.20 points, or 1.1 percent, to 5,362.94 on Friday -- its fifth daily loss in a row to end the week down 3.3 percent.

The U.S. congressional deficit-reduction committee was set to formally announce the failure of its three-month-long effort to bridge partisan differences over taxes and spending, aides told Reuters.

In Spain, the centre-right opposition People's Party stormed to a crushing election victory and is expected to push through drastic austerity measures to try to prevent the country being sucked deeper into the debt storm threatening the euro zone.

Italian Prime Minister Mario Monti won an overwhelming vote of confidence on Friday after warning politicians against sabotaging a sweeping package of fiscal reforms.

But political wrangling in Greece, which has teetered on the brink of default and set off the panic selling now widespread in bonds of other highly-indebted euro zone members, threatened the new prime minister's bid to win vital bailout funds from European leaders.

No major domestic economic data was scheduled for release on Monday. Across the Atlantic, the October Chicago Fed index is due at 1330 GMT, and U.S. October existing home sales are out at 1500 GMT.

(Editing by Mike Nesbit and David Holmes)