Australian shares were set to slump as global markets reeled from an omicron onslaught. The Dow Jones industrial average tumbled more than 650 points, or nearly 1.9 per cent, in midday trading. The S&P 500 index fell nearly 1.9 per cent and the tech-heavy Nasdaq was down nearly 2 per cent. Oil fell 2.4 per cent.

ASX futures were down 33 points to 7162.