Spore market

Spore market: likely to reverse yday’s 1.2% rise, amidst mild gains in the US overnight.
In the region, KOSPI is flat, while the Nikkei is down 0.7%.
Newsflow from Europe continues to matter.
The S&P placed large bank groups across Eurozone on Credit Watch Negative, including BNP Paribas, Commerzbank, Credit Agricole, and Deutsche.
Meanwhile, the IMF clarified that there has been no discussion regarding the reported G20’s US$600b IMF lending program (aimed in part at aiding Europe) that likely spurred the S&P 500’s rise in the final hour of trading.

In local news, the 5th round of property measures introduced by the govt last night should weigh on the property and banks stocks, and will likely be a drag on the index.

First support for the STI at the 2730 level, and a break of that could see the index resume its downtrend towards November's low at 2643.54; resistance is at 2800.