Something's happening here, as the 60s song goes, but what that might be is harder to pin down.

Shares soared in Europe overnight and are well up on Wall St after European leaders agreed on a Greek debt deal.

The Reserve Bank has this morning left the Official Cash Rate unchanged at a record low 2.5 per cent. The move was widely anticipated, with this week's inflation numbers coming in lower than predicted.

Anyone hoping for a weekend fix to the global banking sector will have to wait a little longer - perhaps a lot longer.

Goldman Sachs Group, whose shares have fallen 43 per cent this year, may report its lowest quarterly profit since the 2008 financial crisis.

World markets rose overnight after intervention by the Bank of England and the European Central Bank eased fears about the European debt crisis.

Now the dust has settled on 'Double-Downgrade Day', it's worth looking at what it all means.

Greece's sovereign debt woes could end up affecting New Zealand's access to credit and slowing down the country's economic growth, says Alan Bollard.