Australian shares are set for a lower open Tuesday following losses on Wall Street as traders continue to monitor the latest trade developments.

In macroeconomy, the monthly household spending indicator and building approvals for March are due for release at 11:30 am Sydney time.

Overnight, the Nasdaq Composite shed 0.7% and the S&P 500 fell 0.6%, while the Dow Jones Industrial Average was little changed.

In trade news, US President Donald Trump said he is open to lowering tariffs imposed on Chinese imports "at some point" and that he wants a "fair" deal with Beijing, media outlets reported, citing a Sunday interview with NBC. In a separate Reuters report on Sunday citing Trump's interview aboard Air Force One, the president said he had no plans to speak with Chinese President Xi Jinping this week, although officials from both camps were discussing various matters.

In corporate news, Charter Hall Group (ASX:CHC) acquired AU$200 million worth of convenience retail assets in the past four months, including the recent off-market purchase of Corio Village Shopping Centre in Victoria for AU$146 million, according to a Sunday statement by the company.

Unibail-Rodamco-Westfield (ASX:URW) formed a 10-year partnership with Cenomi Centers, granting the lifestyle center operator exclusive rights to license the company's Westfield brand in the Kingdom of Saudi Arabia's shopping center market, according to a Monday filing with the Australian bourse.

Australia's benchmark index lost 1%, or 80.20 points, to close at 8,157.80 on Monday.