Well the financial markets were as bleak yesterday as Wellington's weather. We will certainly be tightening our seat belts this morning when flying out of Wellington. Those involved in our stockmarket should be bracing themselves too.
We are not unduly worried by what is going on. It has perhaps been happening a bit quicker than anticipated, but this is just another symptom of the de-leveraging that must happen around the globe. Global growth must slow. Traders should not be shocked by signs that this is happening.
Here is CNN's summary of the carnage....
