SG Market: Spore shares are likely to open lower after Wall Street fell on Wed, weighed by the Fed's downbeat assessment of the US economy; regional markets also opened weaker, with Nikkei down 0.4%. With fears of a Greek default easing, the Fed's downgraded view of the U.S economy is likely to stoke fresh worries over the global recovery, esp with no indication the Fed intends to take new steps to boost growth and jobs ahead of QE2's expiry at the end of Jun.
Those worries, coupled with concerns over the effects of monetary tightening in China, are likely to weigh on the market in the near term. Analysts tip 3000 support & 3050 resistance for the STI. STX OSV may be in focus after it secured contracts worth US$218m; Singtel may also attract interest after its Optus unit agreed a A$800m deal with Australia's NBN Co. YZJ also in the news after signing pact with Peter Dohle of Germany to build 8 containerships of 10k TEU capacity each.
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