A deluge of poor economic data out of the US, Europe and China overnight saw global share markets tank and should provide enough of a hangover to keep risk appetites in check amid fears the global economy is running out of puff.
Markets are also waiting for Moody's to downgrade a cross section of international banks, with the impact on financial stocks likely to flow from region to region.
Helping keep the foot on the brake, two reports claimed Spain's troubled banks many need between 51 billion euros and 62 billion euros to prop up their balance sheets.
These developments could see New Zealand shares extend losses, but following yesterday's heavy selloff there may be some bargain hunters out there lending the exchange some support.
New Zealand data flows are light, with travel and migration numbers for April due later today.
Stocks to watch:
Lyttelton Port of Christchurch says total import and export volumes remain at growth levels of 15 per cent year on year even though quake-related, imported replacement materials are yet to ramp up. LPC shares closed at $2 yesterday.
APN News & Media has bought a controlling stake in Australian internet shopping club brandExclusive for $45.8m. The firm offers an online shopping service that gives members discounts on products from popular retailers. APN last traded at $1.01.
Australia and New Zealand
NZX 50: -1 per cent to 3409.39
S&P/ASX 200: -1.1 per cent to 4087.6
Dow: -1.96 per cent to 12,573.60
S&P 500: -2.23 per cent to 1325.51
Nasdaq: +2.44 per cent to 2859.09
FTSE 100: +0.99 per cent to 5566.36
Dax: +0.77 per cent to 6343.13
Stoxx 600: -0.51 per cent to 248.40
Nikkei: +0.82 per cent to 8824.07
Hang Seng: -1.3 per cent to 19,265.10
The New Zealand dollar recently traded at US78.65 cents, down from US79.68c at 5pm yesterday.
Gold: US$1564.59 an ounce, from US$1606.90 yesterday
ICE Brent Crude: US$89.22 a barrel, from US$92.62 yesterday
Thompson Reuters Jefferies CRB: -2.1 per cent to 267.16
- © Fairfax NZ News