90 seconds at 9 am with BNZ: Dow surges on Intel, L'Oreal, QE III talk; NZ$ briefly touches 80 USc, A$ = US$1.07; The Whimp is back; Trade Me to float?

Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news Dow Jones Industrial Average was up more than 1.5% in late trade at a 3 year high.

Global stock markets staged their strongest rally of 2011 overnight after stronger than expected results from global chip maker Intel and global cosmetics company L'Oreal (because you're worth it!).

Investors took heart that these companies were seeing stronger sales and profits from consumers, particularly those in emerging markets. See more here at Reuters.

Also, there is fresh talk the US Federal Reserve will extend its support for the US economy by reinvesting the proceeds of maturing mortgage bonds into further purchases of US Treasuries. This would inject around US$16 billion a month into the US Treasuries market, helping to keep global longer term interest rates lower for longer, which pushes investors out into riskier assets with higher returns.

This move back into 'riskier' assets included further demand for the New Zealand and Australian dollars, which are often seen as proxies for this risk because of their exposure to soft and hard commodity prices. The New Zealand dollar briefly touched 80 USc again overnight and was around 79.6 USc in morning trade.

The Australian dollar was even stronger, heading towards US$1.07.

Meanwhile, the Securities Commission has warned shareholders in SkyCity Entertainment to be wary of yet another low-ball offer for their shares from the notorious Bernard Whimp. See more here at Yahoo.

Elsewhere, Australian analysts are suggesting Fairfax could sell or float up to half of TradeMe to raise A$600 million and rectify the undervaluation of its shares. See more at Rupert Murdoch's The Australian, a great rival of Fairfax.