The local share market has returned to losing ways as it's been caught by the negative mood on Wall Street.
File photo. Photo: 123RF
The benchmark NZX 50 index has fallen more than 1.7 percent in early trading sending it back to levels last seen in early 2020.
It had plunged 165 points on opening.
The market had managed a slight gain yesterday, the first in more than a week.
Wall Street fell as much as 4 percent overnight and Europe's major markets also slumped as the UK and Swiss central banks raised interest rates.
Aggressive rate rises around the world, including by the US Federal Reserve, which announced its steepest interest rate rise since 1994, have stoked fears of recession.
BNZ head of research Stephen Toplis said New Zealand could be in a recession at the end of 2022 or early 2023.
Although he hoped the recession would be short and shallow, Toplis warned on Thursday the status of other global economies meant there was a danger it could be worse than anticipated.
More to come...
