New Zealand stocks are taking another pummelling today on the back of renewed concerns about the state of the Chinese economy.
The S&P/NZX 50 was down 1.38 per cent just after 11am.
Major stocks taking big hits include Air New Zealand, down 2.2 per cent, and Auckland Airport, which had fallen 1.9 per cent in early trading.
Cloud accounting software developer Xero was down 3.6 per cent at $13.40.
Investors are reacting to a contraction in Chinese manufacturing, with the country's manufacturing purchasing-managers index (PMI) falling to 49.7 in August from 50 in July.
The slowdown in the world's second-biggest economy is contributing to concerns about the outlook for global economic growth.