Australian shares are headed for a loss of more than 100 points at the opening of trade on Monday following similar damage on Wall Street and in European markets, triggered by St Louis Federal Reserve president James Bullard predicting US interest rates would rise next year.

A 2022 hike is sooner than the Federal Reserve last week implied by way of the dot plot, a mapping of Federal Open Market Committee member forecasts whose median now indicates the US Fed Funds rate will rise twice in 2023. The Australian dollar fell below US75¢ for the first time this year in response.