Australian investors could see local shares jump one per cent when the market opens after a massive rally on Wall Street when US President Donald Trump rolled out a plan to tackle the coronavirus.

The SPI200 futures contract was up 61 points, or 1.09 per cent, at 5655 at 0800 AEDT on Monday, suggesting Australia’s volatile market could surge one per cent at 1000 AEDT.

Australian shares staged a dramatic recovery on Friday from morning losses of as much as 8.1 per cent to finish 4.4 per cent higher.

Since then US markets jumped nine per cent on a national emergency plan to combat Covid-19, CommSec chief economist Craig James says.

However, investors would react more positively if the number of people contracting coronavirus stabilised or started to decline, Mr James said.

The ASX confirmed it would be business as usual with staff working from home after an employee tested positive for coronavirus.

A NAB market research note says it is possible the Reserve Bank of Australia will step in early with an emergency rate cut. The next board meeting is still three weeks away on April 7 but the world and Australian economies are continuing to deteriorate.

“There seems little point in waiting three weeks to deliver further support to the Australian economy on the interest rate front,” NAB’s economy watch note says on Monday.

The Council of Australian Financial Regulators – which is chaired by Governor Philip Lowe – held an emergency meeting on the weekend at the request of the treasurer, which might be relevant, NAB researchers say.

The Aussie dollar was buying 61.44 US cents at 0800 AEDT, down from 62.98 US cents as the market closed on Friday.