The benchmark NZX-50 index was down by 2.75 per cent in today's trading, after a 2.78 per cent fall yesterday.
Only one of New Zealand's top fifty listed companies lifted in value today, with Cavalier Corp making modest gains, while Kathmandu, Methven and Gas and Skellerup saw the biggest falls today.
Mark Lister of Craigs Investment Partners said the Australian market has regained some ground after plunging more than five percent earlier this afternoon.
He says it's red all round, none of the stock are performing
Bernard Doyle of JB Were says economic data this afternoon from China, one of Australia's biggest trading partners, is likely to fuel further sell off.
"It might be an excuse for further selling because these worries are focused on Europe and North America, really China can only feed some of the investor fears at the moment," he told Newstalk ZB.
Westpac Market Strategist Imre Spizer says all eyes are on data coming out of China this afternoon.
He says the industrial production figures will give an indication if the Chinese economy has slowed and inflation numbers will determine if further tightening is needed to slow down the economy.
"Both of those things would be bad for global risk markets because they are looking to this part of the world as really the only engine of growth left," he told Newstalk ZB. "If this engine stops firing then there are big troubles indeed."
Australian Treasurer Wayne Swan has urged fraught investors not to do anything hasty as the local share market takes another massive hit after a plunge on Wall Street.
- Newstalk ZB, HERALD ONLINE
