World share markets are down, with worries about Europe overwhelming good economic data from the US.

New Zealand's terms of trade - the amount of imports that can be funded by a fixed quantity of exports - fell in the third quarter, driven by falling prices for primary sector exports and a strong kiwi dollar.

Standard & Poor's has cut the credit ratings of 15 of the world's biggest banks - mostly in Europe and the United States - in the first wave of actions under its new, tougher, ratings criteria.

World share markets are up after central banks from Europe, Japan and North America agreed to cut the cost of US dollar funding.

Italy found buyers for its debt but had to pay a premium, underpinning the sense of urgency for European Union leaders to contain the debt crisis.

Investors overnight welcomed renewed efforts by European Union leaders to check the escalation of the sovereign debt crisis.