【SRT】
Losses over the week were led by industrial, data centre and office by subsector and KDCREIT, MINT and MLT by individual REIT. KDCREIT was affected by UOB Kay Hian’s lowering of its target price. In other positive news, UBS saw Singapore rank as the world’s second-best performing real estate market in June amid rate cuts, while DBS notes divergent trends with US yields rising, in contrast with Singapore’s rate dip, favouring floating-rate and Singapore-centric REITs.
$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 WTD Total Return: -1.22%
【MMF】
Over the week US Treasuries demonstrated little directional conviction against a backdrop of tariff headlines and potential replacement of Fed Chair Powell. June’s FOMC meeting minutes also highlighted uncertainty regarding the inflationary impact of Trump’s tariffs.
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/07/11, the fund has a net yield at 4.11%. ^
CSOP USD Money Market Fund (SGXZ96797238.MF) Net 8-day Yield: +4.11%
^ 8-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
HSBC shared that China’s interbank liquidity stays ample (7-day repo: month-to-date’s 1.48% vs June’s 1.58%). There could be a modest rise in funding rates from mid-July’s seasonal tax payments but central bank liquidity support ought to keep funding conditions comfortable.
H1 2025 issuance progress (central: 50%; local: 61%) leaves scope to accelerate issuance before issuance quota hikes.
Looking at YTD performance as of 2025/07/11, CYC/CYB’s NAV gained +0.63% in CNY and gained +2.42% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore Q2 GDP Growth Accelerates to 4.3% YoY; H2 Risks Flagged Over US Tariff Uncertainty
On July 14th, Singapore reported that its economy grew 4.3% YoY in Q2 2025, faster than 4.1% YoY that of Q1 2025. However, Ministry of Trade and Industry did highlight risks in H2 2025 due to global uncertainty especially the lack of clarity on US tariff policies.
【US】Upcoming CPI Data Key to Gauge Trump Tariff Inflation Impact
Upcoming CPI release is crucial in offering insight into the inflationary impact of Trump’s tariffs. However, even if there was a downside surprise, HSBC does not anticipate markets to meaningfully reprice easing expectations for the upcoming July meeting. $S&P 500(.SPX)$
Source: CSOP, Bloomberg, JPM, HSBC, as of 2025/07/11, 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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