Australian shares are likely to open lower on Tuesday and the market is set to enter a bear market territory as the uncertainty around COVID-19 and the oil price collapse clouded the global economic outlook, denting the risk appetite further.
The local share price index futures <YAPcm1> fell about 4.8, a 328.6-point premium to the underlying S&P/ASX 200 index <.AXJO> close. The benchmark declined 7.3% on Monday, marking its biggest drop in over 11 years.
The benchmark has plunged just under 20% since its record peak in February.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> slid 4.3% in early trade.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sandra Maler)
