【SRT】
Gains over the week were led by industrial, office and retail by subsector and KDCREIT, MINT and CLAR by individual REIT. Looking ahead, Bloomberg Intelligence notes data centre-focused S-REITs may gain from digitalization and AI expansion, while office rents could stabilize amid supply and trade risks. Tourism boosts from events (e.g. Lady Gaga's concerts) and attractions (e.g. Minion Land, Disney cruise) might drive modest low single-digit NPI growth in 2025 for mall REITs.
$CSOP S-REITs INDEX ETF(SRT.SI)$ $ SRT 2025 WTD Total Return: +0.85%
【MMF】
The week saw a weaker-than-expected May CPI report release, with both headline and core inflation rising +0.1% MoM. This triggered a brief US treasury rally, with yields falling alongside robust investor demand for the 10Y bond reopening. This should offset some of the negative views on a rapid shift in investor behavior.
Looking ahead to the upcoming FOMC meeting, Fed is probably going to hold policy rate unchanged given that policymakers have expressed wait-and-see approach to assess tariff impact on inflation outlook.
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/06/13, the fund has a net yield at 4.12%. ^
$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ $MMF Net 7-day Yield: +4.12%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
The Lujiazui Forum (June 18-19) may see the PBOC governor outline stimulus details, including possible expanded policy bank bond issuance, which markets can absorb given recent low net supply. May economic activity data likely stay muted, while mid-year liquidity tightness looms with tax payments and MLF maturities. HSBC maintains a bias to position for lower rates and flatter yield curves.
Looking at YTD performance as of 2025/06/13, CYC/CYB’s NAV gained +0.48% in CNY and gained +2.13% in USD*.
* $ICBC CSOP CGB ETF S$(CYC.SI)$ CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】SG Q3 2025 Hiring Outlook Mixed with More Hirings and Firings
According to The Business Times, the ManpowerGroup survey on Singapore’s Q3 2025 hiring outlook shows mixed signals: 43% of employers plan to expand hiring (up from 39%), but 19% anticipate cuts (up from 12%), lowering the net employment outlook to 24% from 27%. This contrasts with a March Manpower Ministry report projecting weaker hiring and wage growth.
【US】Fed Anticipated to Hold Rates in Upcoming FOMC Meeting
Looking ahead to the upcoming FOMC meeting, Fed is probably going to hold policy rate unchanged given that policymakers have expressed wait-and-see approach to assess tariff impact on inflation outlook.
Source: CSOP, Bloomberg, JPM, HSBC, as of 2025/06/13, except where otherwise stated.
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SRT
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CYC/CYB/CYX
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