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Kiwi sharemarkets down after disastrous day for US markets

The Kiwi sharemarkets plunged on opening today, and ended the day down more than a percentage point after a disastrous day for US stocks.

The Dow Jones plummeted 800 points, or three per cent, in its biggest one-day drop in almost a year.

It was panic sparked by recession fears after the markets flashed an alarm bell.

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The Trade Minister and the deputy National Party leader spoke about the current economic climate on Breakfast. Source: Breakfast

There's been a rare flipping of interest rates between long- and short-term bonds.

This hasn't happened in more than a decade, and it's seen as a key recession warning light.

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The Dow experienced its biggest drop in almost a year, sparking recession fears. Source: 1 NEWS