Australia shares likely to open higher, NZ falls

Australian shares are likely to open higher on Wednesday, recovering ground lost in the previous two sessions, even as Wall Street slid overnight as profit-taking and concerns over inflation fueled a broad sell-off.

The local share price index futures rose 0.3%, a 5.8-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.24% on Tuesday.

New Zealand's benchmark S&P/NZX 50 index fell 0.4% in early trade.