Australian shares were poised to open lower on Tuesday, tracking sharp losses on Wall Street as the Federal Reserve's second emergency rate cut in as many weeks failed to quell fears of a coronavirus-induced recession.
The local share price index futures <YAPcm1> dropped 4.1%, a 163-point discount to the underlying S&P/ASX 200 index <.AXJO> close. The benchmark sunk 9.7% on Monday in its biggest fall since 1987.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> slid 4.4% in early trade.
(Reporting by A K Pranav in Bengaluru; Editing by Sandra Maler)
