Australian shares were set to open flat on Tuesday, as gains in miners and energy stocks on sky-rocketing commodity prices will likely offset a grim Wall Street session overnight, with investors expected to remain on edge about a possible ban on Russian oil imports by the US which could fuel inflationary pressures.

The local share price index futures fell about 0.3%, but clawed back those losses to stay flat, an 11.6-point discount to the underlying S&P/ASX 200 index close.

Australian shares end higher on tech, banking boost; RBA holds rates

New Zealand’s benchmark S&P/NZX 50 index fell 0.6% at 11,839.49 in early trade.