Global re-insurance companies will probably take the bulk of losses for claims from the Christchurch earthquake not covered by EQC, says Moody's.

Shares on Wall St and in Europe rose overnight, after the US Federal Reserve indicated economic growth was still happening, though at a slower rate.

Equities on Wall Street and across Europe fell after a US home sales fell a record 27 per cent in July.

Stocks in the US dropped for a third straight day as a worse-than-expected report on US jobless claims.

The local sharemarket has dived in early trading.