Former World Bank operations director, Kiwi born Graeme Wheeler will be the new Reserve Bank Governor from September.

Equities slumped on both sides of the Atlantic overnight as concern prevailed that this week's two-day summit of EU leaders will produce little in the way of turning around the debt crisis.

New Zealand's current account deficit widened in the first quarter - as world dairy prices fell and more fuel was imported.

Expectations that the US Federal Reserve will announce measures tomorrow to prop up the flagging economic expansion bolstered Wall St overnight.