Australian shares are expected fall slightly on Thursday as investors exercise caution on growing fears of a global recession following the previous session's rally.

Weaker oil prices are also expected to weigh on energy stocks in the region.

The local share price index futures fell 0.17% to 6,438, an 81.5 point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.6% on Wednesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 10,819.37 in early trade.