Spreadex Market Update
Global headline shares move off early lows
The US Fed Chairman, Ben Bernanke, is also due to speak later today. Analysts are expecting Bernanke to announce that QE3 will likely continue to at least the middle of 2013. However, if Bernanke fails to provide a general timeframe for the expiration of the current bout of QE the uncertainty could potentially cause risk-on assets to finish the day firmly in the red.
Hewlett-Packard Co opened down 12.5% after announcing a $8.8 billion write down of its $10 billion acquisition of Autonomy. This was allegedly due to accounting anomalies arising from disclosure failures by Autonomy leading to poor fourth-quarter results by HP. Clearly investors are shedding long-positions in HP after seeing little in the way of a quick resolution to what appears to be a highly dubious situation.
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