SG Market (31/ 5/ 12)

SG Market: Spore shares are likely to succumb to the doom-and-gloom weighing regional markets after US and European markets tumbled on new Spanish banking worries taking over Greece's spotlight. The crisis in the eurozone slipped from bad to worse last night as Spanish and Italian yields spiked up and the euro fell to a new low as confidence fades further. Safety is the name of the game as traders dumped risk assets. Watch the 2750-2760 support zone on the STI. If that breaks, the next support is tipped at 2700, followed by 2645. News flow is virtually dry. Among stocks in focus, SingTel was fined $400,000 for mobile-service disruptions last year. Creative Technology launched a new version of its SoundBlaster card, adding a speaker and microphone. Commodity plays likely to take a hit as oil prices slip below US$90/barrel.