Spore market

Spore market: may open with a slight negative bias, taking cue from weakness in the European markets, after Germany’s Chancellor Angela Merkel repeated her firm opposition either to bonds issued jointly by the eurozone countries or to an expansion of the role of the ECB as quick responses to the sovereign debt crisis. Meanwhile, Fitch downgraded Portugal’s debt to junk status due to its high debts and poor economic prospects, and Moody’s downgraded Hungary’s govt bond rating by one level to Ba1 from Baa3, maintaining a negative outlook.
In the region, the KOSPI is down 0.7% at 1,783, while the Nikkei is flat at +0.1% at 8,176 at 8.29am.

Corporate new flow is thin.
GLP proposes to issue perpetual capital securities.
China Fish and Pacific Andes release full year earnings.
China New Town Devt announces profit warning, to report a full year loss.
Hock Lian Seng wins auction for an industrial site after submitting a bid of $78.2m.
Spore Windsor agrees to buy 1% stake in Real Green Material Technology, a Taiwan-based maker of polysilicon used in the manufacture of solar panels, for NT$100m.
Transcu proposes restructuring.