New Zealand needs to avoid a costly regulatory over-reaction to the Christchurch earthquakes, says Reserve Bank Governor Alan Bollard.

Stocks and the euro sank as comments by Germany's finance minister doused hopes a summit later this month would resolve Europe's debt crisis.

Support will be needed from tech firms to bring this unique, ambitious project alive.

Fletcher Building, the biggest company on the NZX 50 Index, said first-half profit will fall 10 per cent.

Fletcher Building says its first-half earnings are likely to be about 10 per cent down on the $166 million earned in the same period last year.