Australia shares likely to open lower; NZ falls

Australian shares are set to drop at the open on Tuesday, taking cues from Wall Street, which closed lower overnight as inflation fears prompted a sell-off in growth-focused tech stocks.

The local share price index futures fell 0.7%, a 76.8-point discount to the underlying S&P/ASX 200 index close. The benchmark rose to record closing highs on Monday.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.08% to 12,648.95 in early trade.