World markets have tumbled on fears over global debt with another impasse due in the United States and continuing fears over the eurozone crisis.
A special Congressional committee charged with cutting the US debt is on the verge of failure.
In Europe, Spain became the third eurozone member in as many weeks to change government.
The Dow Jones Index was down 261 points, or 2.2%, on Monday at 11,531. The Nasdaq Composite was down 51 points, or 2%, at 2520.
In Europe, FTSE 100 index in London fell 2.6%. The DAX in Frankfurt was down 3.35% and the CAC-40 in Paris was down 3.41%.
Across the Tasman, the Australian 200 Index closed down 13 points, or 0.3%, at 3256. The NZX 50 closed up 5 points, or 0.2%, at 3256.
At 8.20am on Tuesday, the New Zealand dollar was trading at 74.85 US cents, 76.08 Australian cents, 47.85 pence, 57.65 yen and 0.5767 euro. The Trade Weighted Index was at 66.52.
Brent crude oil was trading at $US106.72 per barrel and gold was trading at $US1687.69 per ounce.
