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.
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.