【SRT】
Gains over the week were led by industrial, office and retail by subsector, and MINT, CLAR and MPACT by individual firm. S-REITs are poised to benefit from Singapore’s URA 2025 Draft Master Plan which outlines a 10-15-year vision for inclusive urban development, repurposing sites like Kranji Racecourse and Paya Lebar Air Base into new housing districts while enhancing connectivity and green spaces. The plan drives opportunities for Singapore REITs, suburban retail REITs (FCT, CICT, LREIT) to benefit from decentralisation from CBD, industrial REITs (CLAR, MLT, MINT, AAREIT, EREIT) to gain from higher occupancies in rejuvenated areas.
$CSOP S-REITs INDEX ETF(SRT.SI)$
【MMF】
Fed speakers’ comments over the past week sparked debate over whether FOMC will cut rates in July, which Governor Waller and Bowman has acknowledged as a possibility. However, Fed Chair Powell reiterated his view that the Fed is well-positioned to hold its wait-and-see approach during his Congressional testimony on 24 June 2025. Besides that, the Fed has announced proposed revisions to the Supplementary Leverage Ratio (SLR) requirements imposed on US banks on 25 June 2025, which would raise demand for Treasuries.
We expect $CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ to continue to deliver stable yield in the near term. As of 2025/06/27, the fund has a net yield at 4.07%. ^
Net 7-day Yield: +4.07%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
Amid higher net bond issuance and mid-year accounting period, interbank funding conditions have tightened with 7-day repo rate fixing averaging 1.77% between 23-26 June 2025 (vs 1.57% last week).
Despite the tightening interbank funding, June's average fixing of 1.62% thus far, is lower than May's 1.64%, which is surprising given that funding conditions are historically tighter in June than May. This is attributable to a more proactive central bank in policy communication and liquidity injection. As such, funding conditions are expected to improve in the coming week.
Furthermore, PBOC has pledged to increase credit support for key consumption areas, which improved equity sentiment, though these measures are unlikely to change short-term growth trajectory given that the 90-day trade truce deadline is approaching. HSBC sees China rates to trend lower.
Looking at YTD performance as of 2025/06/26, CYC/CYB’s NAV gained +0.60% in CNY and gained +2.44% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s 2025 Inflation Forecast Remains Unchanged Even Though May’s Core Inflation Lowered to +0.6% YoY
While Singapore’s core inflation lowered to +0.6% YoY in May, reversing the rise to +0.7% YoY in April, economists revealed that consumer prices may accelerate amid Middle East tensions. Nevertheless, MAS and MTI kept core and overall inflation forecasts unchanged but cautioned that inflation risks are uncertain due to external environment.
【US】May PCE and June Payrolls Data in Focus
Looking ahead, May’s PCE and June’s payrolls data will be in the spotlight as investors try to narrow down on when the next Fed rate cut will be. Besides that, there lies trade deal uncertainty as the 9 July 2025 expiration of Trump’s global tariff reprieve approaches.
Source: CSOP, Bloomberg, JPM, HSBC, The Straits Times, as of 2025/06/27, except where otherwise stated.
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SRT
The CSOP iEdge S-REIT Leaders Index ETF is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or the figure at which the iEdge S-REIT Leaders Index stand at any particular time on any particular day or otherwise. The iEdge S-REIT Leaders Index are administered, calculated, and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the CSOP iEdge S-REIT Leaders Index ETF and the iEdge S-REIT Leaders Index and shall not be under any obligation to advise any person of any error therein. “SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the iEdge S-REIT Leaders Index vest in SGX.
CYC/CYB/CYX
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