Stock index futures slipped 0.3 percent to 4,688.0, a 24.3-point discount to the underlying S&P/ASX 200 index. The benchmark rose 0.2 percent on Monday.

U.S. stocks ended little changed, recovering from early losses in light volume on Monday, as prospects for strong earnings overcame fears Portugal would be forced into a bailout.

Copper fell for a fifth straight session, its longest losing streak since June, as concerns about slower purchases  from top consumer China weighed on sentiment. Gold rose above $1,370 an ounce as the U.S. dollar moved into negative  territory versus the euro, with concerns over the outlook for  Portugal's sovereign debt lifting the metal's safe-haven appeal.

Devastating floods worsened in Australia's Queensland state, threatening Brisbane, the country's third-largest city, and tourism, while the coal industry in the northeast remained paralysed.

A key job ads survey and Australia's trade balance for November are due to be released at 0030 GMT. A trade surplus of A$2 billion is expected for November, boosted by strong Asian demand and high prices for iron ore and coal.

New Zealand's benchmark NZX 50 index slipped 0.2 percent to 3,318.2 in early trade.