A wild day on US stock markets has caused ripples around the world as the panic spreads. The Dow Jones suffered its biggest ever daily points fall when the week began and world markets have followed Wall Street's lead.
The Australian market was down 3.2 percent, wiping $60 billion off stock values. Asian markets fell even more sharply, with the Hang Sen Index in Hong Kong down 5 percent and Japan's Nikkei index falling 4.7 percent. European markets have also plunged overnight.
Is New Zealand in a position to weather the storm? National Party leader and former Finance Minister Bill English joins Susie Ferguson to discuss.