90 seconds at 9am: Dow and NZ$ slump on recovery fears; Euro slammed on Greek debt worry

Watch on video page here. Watch on YouTube here. Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news the Dow has fallen more than 2% in late trade on fears about the US and global recoveries. Surprisingly weak jobless claim figures (480,000 last week) were a factor. The NZ dollar fell to 68.6 USc,  its lowest level since September as appetites for risky currencies globally shrank. The Euro fell to its lowest level since May last year on new fears about sovereign defaults in Portugal, Spain and Greece. Interest rate spreads for their bonds rose sharply, with Greek CDS spreads rising to 425 basis points. A major Greek union threatened a strike, raising worries Greece's deficit cutting plan may fail. Meanwhile legendary US investor Warren Buffett has been stripped of his prized AAA credit rating by Standard and Poor's after his big railway buy.