New Zealand's benchmark S&P/NZX 50 index <.NZ50> fell 1.4% in early trade after the nation’s central bank stunned markets by slashing the official cash rate by 75 basis points.
Meanwhile, Australian shares were set to open higher on Monday, following a late rally on Wall Street on Friday after U.S. President Donald Trump declared a national emergency to combat the rapidly spreading coronavirus.
Trump freed $50 billion to tackle the pandemic, resulting in all three major indexes closing more than 9% higher.
The local share price index futures <YAPcm1> rose about 1.1%, a 115.7-point premium to the underlying S&P/ASX 200 index <.AXJO> close. The benchmark reversed course to end 4.4% higher on Friday to their biggest daily gain in more than 11 years.
(Reporting by A K Pranav in Bengaluru; Editing by Chizu Nomiyama)
