Australian shares are expected to open lower on Wednesday, extending losses from the previous session, as Wall Street slipped and oil prices dipped overnight on concerns of a global spike in coronavirus cases.

The local share price index futures fell more than 1%, a 106.8-point discount to the underlying S&P/ASX 200 index close. The benchmark lost 0.7% on Tuesday.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.2% in early trade on Wednesday.