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Markets dip as oil prices plunge
World sharemarkets were down overnight as oil prices slumped to the lowest level since 2003.
World sharemarkets were down overnight as oil prices slumped to the lowest level since 2003.
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It was another red ink day for share markets around the Asia Pacific region as concerns about China's slowing growth rate continued to rattle investors.
Asian share markets swept lower on Monday after Wall Street suffered its worst starting week in history.
No one really knows what is going on in the world's second largest economy.
The New Zealand dollar has been brought back down to earth as concerns about China, world economic growth and lower commodities prices take hold.
United States oil futures in New York slid to the lowest in 12 years as turmoil in China's markets pushes crude closer to US$30 ($45) a barrel.
Global shares retreated for a fifth day, poised for their biggest weekly decline since 2011.
The New Zealand dollar regained ground after China fixed the yuan reference rate marginally higher.
Wall Street moved lower for a second straight day in the new calendar year.
KiwiSaver members are being urged not to panic after share markets around the world tumbled over concerns about China and the Middle East.
NZ shares are falling on the first trading day of 2016 after markets on both sides of the Atlantic tumbled overnight.
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China's economic rebalancing remained intact as the first economic reports of 2016 signaled manufacturing weakened for a fifth straight month.
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New Zealand shares rose to a record on the last day of the year.
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The Kiwi dollar touched a six-month high against the GBP as investors push out expectations for a hike in UK interest rates.
Wall Street moved lower with the price of oil amid concern about the global glut at a time of weakening worldwide economic growth.
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Wall Street rose after a report showed the US economy expanded more than expected in the third quarter thanks to consumer spending, and as oil rebounded.
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