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Australians shares are poised for a cautious open after US markets and oil slid overnight on a coronavirus scare.

The SPI200 futures contract was up 10 points, or 0.14 per cent, at 7,056 at 0700 AEDT on Wednesday.

Oil prices tumbled and global equity markets fell on Tuesday after Apple Inc said it was unlikely to meet its sales guidance because of the coronavirus outbreak in China.

Locally the benchmark S&P/ASX200 index had closed Tuesday down 11.4 points, or 0.16 per cent, at 7,113.7, while the broader All Ordinaries index dropped 12.9 points, or 0.18 per cent, to 7,208.3.

The Australian dollar was buying 66.87 US cents at 0700 AEDT down from 66.91 US cents at the market closed on Tuesday.