Australian shares are poised to open lower on Thursday, extending losses from the previous session, likely taking a cue from a volatile session on Wall Street as short-squeeze fallout and concerns about economic recovery weighed.

The local share price index futures fell 1.1%, a 149.6-point discount to the underlying S&P/ASX 200 index close. The benchmark declined 0.65% on Wednesday.

In New Zealand, the benchmark S&P/NZX 50 index fell more than 1% in early trade.