The Australian share market is set for a fall when it opens amid fears the coronavirus is spreading across Asia and will increasingly impact global economic activity.

The SPI200 futures contract was down 47 points, or 0.66 per cent, at 7,039 at 0700 AEDT on Monday.

United States and European markets fell on Friday on the back of increasing concerns over COVID-19 as more companies face disruptions and issue profit warnings.

The Australian dollar was buying 66 US cents at 0700 AEDT, up from 65.99 US cents on Friday.