【SRT】
Gains over the week were led by industrial, office and retail by subsector, and CLAR, FLT and CICT by individual REIT. CICT rose after UOB Kay Hian said its AEI would generate organic growth, and average cost of debt will fall. With that, UOB Kay Hian raised CICT’s target price. More importantly, SRT stands to benefit from increased inflows and liquidity due to Singapore’s market reforms. Morgan Stanley shared that the reforms could help REITs scale up and potentially surpass Japan as Asia’s largest REIT market by 2035.
$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 WTD Total Return: +0.27%
【MMF】
US Treasury yields rose during the week as robust headline jobs growth with nonfarm payrolls rising 147K (vs. 106K forecast) resulted in markets seeing a 70% chance of September Fed cut (vs. pricing in more than a full cut last Friday).
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/07/03, the fund has a net yield at 4.11%. ^
CSOP USD Money Market Fund (SGXZ96797238.MF) Net 7-day Yield: +4.11%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
In June, China rates continued to trade rangebound in the absence of incremental negative growth developments. As such, there was limited pressure and expectations for easing. Furthermore, persistent growth concerns have prevented an upward reversal in rates.
Looking ahead, new catalyst(s) is(are) needed for rates to fall such as a deteriorating growth expectations or US-China trade tensions. Historically, late Q3 to early Q4 has been a seasonally weak period where economic growth concerns begin to arise, which could cause rates to fall. Furthermore, as the US’ July 9th deadline approaches, the US could unveil more trade deals as well as tariffs targeting transshipment which could weigh on China’s exports.
Looking at YTD performance as of 2025/07/03, CYC/CYB’s NAV gained +0.75% in CNY and gained +2.69% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s June PMI Reverted to Expansion Amid Global Uncertainty
In June, Singapore’s PMI expanded 0.3 point to 50, reverting to expansion, despite global macro uncertainty. This could be due to a mix of optimism over more trade deals by the US and front loading.
【US】June’s FOMC Meeting Minutes Will Be in Focus
Looking ahead, the economic data calendar is relatively light. As such, the upcoming release of June’s FOMC meeting minutes will be watched for policymakers’ insights, which will affect rate cut expectations.
Source: CSOP, Bloomberg, JPM, HSBC, as of 2025/07/04, except where otherwise stated.
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