SG Market: Spore shares expected to gap down following the steep falls on Wall Street last Fri amid frest bout of pessimism over Europe’s debt crisis and with Japan and Aust bourses opening more than 2% lower. This will be another tough week for markets with the US releasing data on inflation, retail sales and consumer confidence and China putting out money and banking statistics.
The short-term technical trend is clearly pointing down unless new positive information emerges. These uncertainties will also be compounded by ongoing problems in the eurozone and divisions on whether or not Greece will get another bail-out tranche. Markets will also get a cue from Spore's non-oil domestic exports due out on Fri with economists expecting another poor performance due to sluggish demand for electronic chips. Investors also await the US Fed meeting next week.
Support for STI is tipped at 2720. Among stocks to watch is Wilmar, which announced that its Australian sugar unit has entered an agreement with Proserpine to make a 2nd offer for the sweetener producer. Tiger Airways may also be in focus after it appointed a new CEO for its Australian unit while GLP reportedly plans to list its Japan assets although company clarified that no definite plans have been made.
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