【SRT】
Gains over the week was led by industrial, office and retail by subsector, and Suntec REIT, FLT, and KREIT by individual REIT. Suntec REIT gained after it reported resilient 1H performance with 1H DPU gaining 3.7% due to strong operating performance and lower financing costs.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 WTD Total Return: +1.49%
【MMF】
This week, headlines surrounding Fed Chair Powell’s future at the central bank. Secretary Bessent had said that there was “nothing that tells” him that Powell should step down now. Secretary Bessent has also called for a review of the Fed’s non-monetary policy functions.
On the data front, initial jobless claims had fallen to 217k (consensus: 226k), signaling labor resilience. Flash July PMI diverged with services PMI at YTD high, while manufacturing PMI was at YTD low.
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/07/25, the fund has a net yield at 4.10%. ^
$CSOP USD Money Market Fund (SGXZ96797238.MF)$ Net 7-day Yield: +4.10%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
Since mid-July, China’s funding conditions have tightened due to tax payment season and HSBC is of the view that there is no change in China’s macro outlook.
Looking ahead, attention should turn to late July’s Politburo, and any market adjustments present entry opportunities.
Looking at YTD performance as of 2025/07/24, CYC/CYB’s NAV gained +0.32% in CNY and gained +2.35% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】MAS July Policy Decision Remains Uncertain
Singapore's June inflation held steady YoY (below forecasts) while manufacturing output beat expectations and rose YoY, likely driven by pre-US tariff order front-loading, with industrial slowdown expected in 2H25. MAS' July policy decision remains uncertain as economists are divided on monetary policy easing versus holding amid resilient domestic growth despite global headwinds.
【US】Fed is Expected to Hold Rates at the Upcoming FOMC Meeting
Looking ahead to next week’s FOMC meeting, it is expected for the Fed to hold rates at the current level. A key release in the coming week will be the PCE report. $S&P 500(.SPX)$ $iShares 20+ Year Treasury Bond ETF(TLT)$
Source: CSOP, Bloomberg, JPM, HSBC, The Straits Times, as of 2025/07/25, except where otherwise stated.
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SRT
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CYC/CYB/CYX
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