The NZX 50 has started today badly again. A few seconds ago it was down by 1.3%.
Update at 1110 - it is now down by over 2%.
This explanation from the NZ Herald:
The tone of the local market was set by another ugly session on Wall Street, which key indices slumped two to three per cent.
United States stocks dropped heavily as data showing a plunge in regional factory activity and news of a hefty loss by brokerage Merrill Lynch fanned worries about the economy.
Merrill Lynch & Co Inc fuelled more concerns about the health of the financial sector when it reported about US$16 billion ($21b) in mortgage-related write-downs and adjustments in the worst quarter in the company's history.
The Dow Jones industrial average ended down 307.03 points, or 2.46 per cent, unofficially at 12,159.13.
The broader Standard & Poor's 500 Index plunged even more heavily, down 39.91 points, or 2.91 per cent, to finish unofficially at 1333.29 while the technology loaded Nasdaq index fell 47.69 points, or 1.99 per cent, to close unofficially at 2346.90.
