New Zealand's sharemarket has opened sharply lower as Wall Street suffers another battering.
The benchmark top-50 index fell more than 120 points or 1.5 percent in early trading, with only four minor stocks rising in price.
The latest slide followed another horror session in the United States, with the Dow Jones average plunging more than 1000 points or 4 percent.
Shares have been battered by a rise in interest rates and fears of more to come, which would raise the cost of borrowing but also offer better returns to investors.
US stocks have fallen more than 10 percent in the past week, which is being called a correction, with analysts predicting further volatility.
So far this week New Zealand's market has fallen more than 4 percent, although last year it gained 22 percent.