Australian shares are likely to start the day lower, after global stocks and oil prices slumped overnight over growing concerns about the spread of Omicron.
The Australian dollar was steady at 71.12 US cents.
US stocks fell on Monday, pushed lower by surging Omicron coronavirus cases and a possible fatal blow to a $US1.75 trillion domestic spending bill, with oil prices sliding more than 3 per cent. US stock indexes retreated more than 1 per cent on Monday as positive COVID-19 case counts rose, European nations and Britain weighed new restrictions to limit the spread and President Joe Biden's investment bill hit a significant setback.MSCI's index of Asia-Pacific shares outside Japan fell 1.7 per cent to its lowest in a year and the world stocks index hit its lowest in nearly two weeks.Investors feared that new restrictions would weigh on fuel demand, sending oil prices lower.
"It was kind of a triple whammy on the economy over the weekend — Omicron, the Fed, and taking the fiscal initiative off the table," said Jack Ablin, chief investment officer at Cresset Capital Management.On oil markets, Brent crude was down 4.8 per cent to $US69.97 a barrel.
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