【SRT】
Last week, SRT gains were led by data centre, office and industrial by subsectors and KDCREIT, MPACT and DCREIT by individual REITs.
KDCREIT rose after UBS initiated coverage on the REIT with a buy rating as it expects rising AI adoption in Singapore to spur greater demand for data centre capacity, with demand anticipated to exceed supply and offset effects of competitive pressures.
$CSOP S-REITs INDEX ETF(SRT.SI)$ WTD Total Return: +0.85%
$Mapletree Ind Tr(ME8U.SI)$ $Keppel DC Reit(AJBU.SI)$ $Frasers Cpt Tr(J69U.SI)$ $CapLand IntCom T(C38U.SI)$
【MMF】
US Treasury markets saw key data releases and announcements. Q1 GDP -0.3% QoQ was below consensus expectations of -0.2%, while core PCE increased more than anticipated at 3.5% QoQ annualized (vs consensus expectations of 3.1%). This reflects the persistent growth-inflation tensions clouding the Fed’s rate trajectory.
April nonfarm payrolls data showed resilience with 177K gains (vs. 138K expected), steady 4.2% unemployment, and a slight participation rate rise to 62.6%, while 1Q GDP signaled no pre-April economic weakening. Thus, JPM expects unchanged Fed policy, upgrades 2Q growth to 1.5%, and maintains a 0.5% annualized 2H contraction forecast.
Money markets remain a favored haven due to inverted FF/2y curves and risk-asset volatility. Moreover, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250502, the fund has a net yield at 4.14%. ^
$MMF Net 7-day Yield: +4.14%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
PBOC deputy governor reiterated the PBOC’s pledge to deliver interest rate and required reserve ratio cuts at the right time. PBOC still has room for monetary easing, though the available room is small considering possible prolonged US-China tensions.
China’s Foreign Minister Wang Yi shared at the BRICS meeting that staying silent or compromising and backing down in the trade war will only embolden US, implying that China will not initiate a de-escalation. With that, looking ahead, China policy makers are likely to stay prudent and patient with regards to fresh policy support to prevent depleting available policy space.
Looking at YTD performance as of 2025/04/30, CYC/CYB’s NAV gained +0.36% in CNY and gained +0.86% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s PAP Secures Decade-High 66% Mandate, Empowering PM Wong to Tackle Trade Tensions and Cost Pressures
Singapore's ruling party, PAP, retained power with a decade-high 66% popular vote (up from 61% in 2020), securing 87 of 97 parliamentary seats, including five uncontested constituencies. Prime Minister Lawrence Wong’s strengthened mandate positions him to address trade tensions and persistent cost-of-living challenges.
【US】JPM Anticipates Fed to Hold at the Upcoming FOMC Meeting
The Fed will be meeting in the coming week. JPM expects unchanged Fed policy.
Source: CSOP, Bloomberg, JPM, and HSBC as of 2025/05/02, except where otherwise stated.
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SRT
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CYC/CYB/CYX
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