【SRT】
As of 1 Aug 2025 (Fri), despite a 0.41% WTD decline in SGD, SRT rose +4.87% YTD in SGD. Declines present opportunities for investors to increase their SRT allocation, especially when current S-REITs valuations are attractive. UBS recently reported that their upgrade of S-REITs from market weight to overweight is attributable to easing financing cost (SORA peaking), revived investor demand for high-yield quality assets and peaking supply pressures that could drive rent growth.
$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: +4.87%
【MMF】
At the July FOMC meeting, the Fed held rates steady for the fifth consecutive meeting as expected, maintaining the ongoing wait-and-see approach amid tariff-related inflationary concerns.
At the quarterly refunding announcement, Treasury kept nominal coupon and FRN auction sizes unchanged for the quarter as expected. With that, JPM expects multi-quarter series of coupon auction size increases in May 2026 (vs February 2026 prior).
On 1 Aug 2025 (Fri), the reporting of weaker-than-expected US jobs data fueled aggressive Fed rate-cut bets, driving yield curve bull steepening as markets priced >80% odds of September easing—exceeding JPM’s. July nonfarm payrolls +73K (missed forecasts, past two months' estimates revised down 258K) and unemployment rate rose to 4.2% (from 4.1%).
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/08/01, 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】
China’s Politburo meeting on 30 Jul 2025 fell short of investor expectations for stronger stimulus. While HSBC maintains its outlook for structurally lower rates amid Beijing’s focus on sustainable growth, near-term rate pressures persist amid banks’ high reliance on central bank’s short-term liquidity support and a potential rise in August’s net government bond issuance that may strain liquidity conditions.
Looking at YTD performance as of 2025/07/31, CYC/CYB’s NAV gained +0.43% in CNY and gained +1.92% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】MAS Held Monetary Policy Steady Citing Resilient Global Growth and Contained Inflation
On 30 July 2025, MAS kept monetary policy unchanged after easing twice this year. This comes as global economic growth has been more resilient than expected, and inflationary pressures are anticipated to be contained in the short-term.
【US】Markets Digest FOMC, Tariffs, and Key Data Amid Light Economic Calendar This Week
Looking ahead, the economic calendar is light. In the meantime, markets are likely to be digesting all the economic data released in the past week, which included the FOMC meeting, Treasury refunding announcement, GDP, PCE, ADP unemployment data and Trump’s 1st August tariff deadline. $标普500(.SPX)$ $债券指数ETF-SPDR Barclays美国1-3月国债(BIL)$
Source: CSOP, Bloomberg, JPM, HSBC, The Straits Times, as of 2025/08/01, except where otherwise stated.
Disclaimer
The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”). This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or jurisdictions.
CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up to date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used, or disseminated, in whole or part, and shall not be reproduced, copied, or made available to others without the written consent of CSOP.
Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.
Index Provider Disclaimer
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
The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold, or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Chinese Government Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent, or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty, or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.
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