Two former Capital+Merchant directors would have received 80pc of the profits from a property they are accused of improperly using investor funds to refurbish, the High Court has been told.

Eric Watson has made his name in farming, racing, property and oil as one of New Zealand's biggest deal-makers.

Equities in Europe and on Wall Street advanced overnight and so did commodities, as data showed China's import growth last month eased to the lowest level in two years.

Investors are becoming so averse to risk that for the first time they have paid more for German securities than they will get on maturity.