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The New Zealand dollar has reversed some of its slide of the past week, clawing back two cents against the US dollar overnight. The kiwi is currently trading at 69.4 US cents.
After a week of losses, stockmarkets in Europe and New York looked brighter, despite concerns of a credit crunch sparked by America's subprime residential mortgage market. London's FTSE 100 index has bounced back to end up 205.3 points higher or 3.5 per cent at 6,064 per cent. In New York, the Dow Jones Industrial Average is 205 points higher on 13,050.
However, Tokyo's Nikkei dropped 5.42 per cent, its biggest one day loss since the 9/11 terrorist attacks amid concern about Japan's economic outlook and companies' profits. Shares also fell 0.71 per cent in Sydney.
New Zealand's NZX50 closed 64 points lower last night on 3,894.
- NEWSTALK ZB
