New Zealand shares fall as investors await earnings from companies likely to show the impact of tough markets and a high kiwi dollar.
The kiwi gains for just the second time this month as G8 leaders signal that growth policies in Europe may be a good thing.
Across the Tasman, hackles have been raised.
Most businesses don't think things will get better over the next six months.
Tyndall Investment Management dumps its boutique New York-based fixed interest portfolio manager in favour of Goldman Sachs, citing in part fears about the quality of European bond issuance.
New Zealand's fixation on domestic productivity is too "introspective" and has left policy debate stuck in the Muldoon era.