The New Zealand sharemarket has just opened down 3.8 percent in line with other global markets which fell as much as 7 percent overnight.
Share markets around the world are bracing themselves after their worst day since the financial crisis - dubbed "Black Monday".
The main financial indices in the US have closed down more than seven percent, while London's index of top shares ended the day nearly eight percent lower.
RNZ's Gyles Beckford has the latest.
