The Australian share market is set to fall at the open after world stock markets plummeted on Monday as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis.
At 0714 AEDT, the December Share Price Index futures contract on the Sydney Futures Exchange was down 178 points at 4,388.
On Tuesday, the Reserve Bank of Australia (RBA) is expected to announce a half a percentage point cut in official interest rates, following its monthly board meeting.
Economists have forecast the RBA will cut official interest rates by up to 50 basis points in response to global financial turmoil, lowering its benchmark rate to 6.5 per cent.
Other economic data out Tuesday includes the SAI Global/ACCI quarterly survey of investor confidence, the Seek employment index data for September and the Australian Industry Group/Housing Industry Association performance of construction index data for September.
In equities, Euroz Ltd holds its annual general meeting in Perth and Artist & Entertainment Group Ltd holds an extraordinary general meeting.
In Melbourne, HBOS Australia chief executive David Willis addresses an Australia-Israel Chamber of Commerce lunch.
The Australian share market closed at its lowest level in almost three years Monday, falling over three per cent on thin trading due to public holidays in NSW, ACT and South Australia.
The benchmark S&P/ASX200 index was down 155 points, or 3.3 per cent, at 4,540.4, while the broader All Ordinaries index shed 158.1 points, or 3.36 per cent, to 4,544.7.
