90 seconds at 9 am: US stocks up 1% after better US and Chinese factory data; NZ$ rises to 1 mth high of 82.7 USc; Sharp, Panasonic forecast big losses as Japanese exports slump

Here's my summary of the key news overnight in 90 seconds at 9 am, including news US stocks rose around 1% overnight after encouraging US and Chinese factory production data lifted hopes for the global economy and appetites for riskier currencies. See more here at Bloomberg.

The New Zealand dollar, which often rises and falls with appetites for riskier assets and expectations for global economic growth, rose to a 1 month high of 82.7 USc in morning trade. It had been around 82.2 USc yesterday.

US manufactacturing, as measured by the ISM factory index, expanded in October at a faster than expected rate. See more here at Bloomberg.

Chinese manufacturing, as measured by its official Purchasing Managers Index, expanded for the first time in 3 months in October and was the strongest in 7 quarters. This suggests a recovery in the last quarter of this year. See more here at Bloomberg.

However, in Japan, manufacturing is struggling as companies deal with a double whammy of slowing growth in Europe and a slump in sales in China because of a political dispute over some islands in the seas between China and Japan. Chinese customers stopped buying Japanese branded products last month after the dispute and massive social protests at Japan. The high yen is also hammering exporters' profits.

Sharp announced yesterday there was a 'material doubt' that it would be able to survive as it forecast a US$5.6 billion loss. Panasonic's shares crashed 19% yesterday after it forecast a US$7.9 billion loss and cancelled its dividend for the first time since 1950.

Japanese electronics manufacturers are having to deal with slumping demand, a glut of supply of flat screen televisions, a stubbornly high yen and the slowing sales in China. See more here at Reuters.