Local share price index futures lost 1.2 percent, a 117-point discount to the underlying S&P/ASX 200 index close. The benchmark recovered 1 percent on Wednesday.
New Zealand's benchmark NZX 50 index slipped 0.5 percent in early trade.
US stocks dropped more than 1 percent on Wednesday, hitting session lows after the Federal Reserve stuck with its plan to scale back stimulus even in the midst of emerging market turmoil.
South Africa's central bank raised interest rates for the first time in six years. Its move followed a dramatic rate hike by Turkey's central bank late Tuesday, designed to defend its crumbling currency.
Spot iron ore hovered near their lowest level since July, pressured by weaker steel prices in top consumer China and as trading activity winds down ahead of the Lunar New Year.
Gold rose in choppy trade as global equities slumped.
Fortescue Metals Group Ltd is due to release its second quarter production report later in the day.
INSERT ASIA PREOPEN TABLE HERE * Wall St falls after Fed sticks with taper plan
Oil edges lower, heating demand supports; Brent firm
Gold up after Fed cuts stimulus further, equities slide * Aluminium hits 4-1/2 yr low, copper off ahead of Asian holiday