GameStop shares plunge more than 50 per cent, Australian shares to rise as silver prices tumble

Australian shares are expected to rise sharply, following the ongoing rebound of global markets, while retail investors have retreated from GameStop and their fleeting interest in silver, causing their prices to tumble.

ASX futures were up 60 points (+0.9pc) to 6,748, by 7:35am AEDT.

The Australian dollar slipped (-0.4pc) to 75.9 US cents after the Reserve Bank pledged to inject an extra $100 billion worth of cash into the economy on Tuesday.

On US markets, shares of video game retailer GameStop plunged (-56.5pc) to $97.93.