Overwhelmed by virtual rubber-neckers such as myself the recently upgraded NZX website froze on Monday morning.

The New Zealand dollar extended its decline against the greenback after a global equity and commodity markets slumped in reaction to the US credit downgrade.

Wall St has followed European markets sharply down overnight, with the Dow Jones falling 5.5 per cent, the Standard & Poor's 500 index down 6.6 per cent and the Nasdaq down 6.9 per cent.

The Dow has plummeted 4.4 percent overnight, dropping below the 11,000 level for the first time since November, as markets continued a global sell-off. It comes as Standard and Poor's warns New Zealand is among the countries that could suffer...

The New Zealand stock exchange closed today down 2.78 per cent after sharp falls earlier today, but more markets around the world are continuing to suffer from investor concerns about the downgrading of the US credit rating.

Standard & Poor's is warning that New Zealand may face an export-driven slowdown, due to weaker demand or lower export prices.

Update: The NZX-50 has fallen 2.7 per cent today, as smaller investors spooked by global uncertainty, sell out. The ASX opened down 2.2 per cent.

The dollar has risen against the greenback after the United States lost its top credit rating, recently trading at 84.14US cents.

The US and European sovereign debt crises will likely push up the cost of funding for NZ banks, the head of the BNZ says.

France and Germany have moved to try and head off fresh market turmoil this week, by saying they want action to safeguard Europe's single currency.

Experts say the NZ stock exchange will not be taking a hammering when it opens tomorrow morning despite shockwaves from the US.

More damage was done to capitalism this week than any communist revolutionary could have dreamed of.

The New Zealand dollar plummeted as a global market rout spooked traders into selling the kiwi.

Australian and Japanese sharemarkets have plunged more than 4pc on opening, after a rough night on European and US exchanges. The NZX-50 is down 2.4pc.

This morning's rapid fall in the New Zealand dollar proves recent talk of the kiwi becoming a 'safe haven' currency was hot air, say economists.