Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that two large aftershocks in Christchurch may delay rebuilding efforts in the city and therefore slow a sharp rebound in the economy expected by the government next year.
See our full earthquake coverage here.
However, official reports expected within weeks to detail which parts of Christchurch could be rebuilt will go ahead, the government has announced. See more here from Stuff.
Reinsurers have also been unnerved by the latest after shocks. See more from Pattrick Smellie here at Stuff.
Financial markets priced in an increased chance that an increase in the Official Cash Rate expected for December may now be delayed until early 2012.
The New Zealand dollar initially fell as much as one US cent, but has bounced slightly in overnight trade to be opening around 81.5 USc.
Meanwhile, Standard and Poor's has downgraded Greece's sovereign credit rating to CCC from B, which means it is rated lower than Grenada.
Standard and Poor's said a restructuring of Greek debt was now increasingly likely, which it would judge a default and trigger a further cut to a D rating. The move further unnerved markets overnight, which fear a Greek default will destroy the Greek banking system and ripple across Europe's banking system.
Elsewhere, US economist Nouriel Roubini has warned there is a "meaningful probability" of a hard landing for the Chinese economy. This is one for New Zealanders to watch closely because the Chinese economy is now such a big driver for commodity prices and both the Australian and New Zealand economies.
Roubini has warned of a perfect storm hitting the global economy in 2013 as Europe's debt crisis, the United States' fiscal problems, Japan's earthquake-hit economy and China's slow down combine to slow global growth. See more here at Bloomberg.
As if to confirm those fears, the oil price fell overnight after surprise news that Chinese oil consumption fell 4% in May. See more here at Bloomberg.
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