Australia shares set to tick up; New Zealand higher

Australian shares are expected to edge higher on Tuesday, tracking gains overnight on Wall Street amid hopes of a US interest rate cut along with investors awaiting quarterly earnings from technology majors this week.

Local energy stocks are expected to gain on the back of firmer oil prices as investors are worried about possible supply disruptions in the energy-rich Middle East after Iran's seizure of a British tanker last week.

The local share price index futures rose 0.2%, or 10 points, to 6,640 points - a 51.2-point discount to the underlying S&P/ASX 200 index close. The benchmark slipped 0.14% on Monday.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.1% in early trade.