【SRT】
As of 22 Aug 2025 (Fri), SRT rose slightly +0.81% WTD in SGD and +7.62% YTD in SGD. WTD gains were primarily driven by retail, office and industrial by subsector and CICT, MLT, and KREIT by individual firm.
Generally, S-REITs gained after Macquarie released a report stating that S-REITs largely met expectations in the latest earnings season and declining interest costs and a steep ~50bps 2QCY25 SORA drop signal future interest cost savings. Meanwhile, MLT rose after its rating was lifted by Macquarie from Underperform to Neutral on valuation support from declining rates.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +7.62%
【MMF】
The FOMC minutes released during the week showed inflation remains a bigger concern than job risks. Despite slightly higher jobless claims, strong August PMIs signalled firm Q3 economic growth and inflation.
Powell’s Jackson Hole remarks aligned with market consensus, signalling heightened labour market concerns and short-lived tariff impacts, bolstering expectations for a September Fed rate cut. Thus, JPM now anticipates a 25bps reduction followed by three more cuts. Traders are pricing an 84% probability of September Fed rate cut.
We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/08/22, the fund has a net yield at 4.09%. ^
$CSOP USD Money Market Fund (SGXZ96797238.MF)$ Net 7-day Yield: +4.09%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
Strong equity gains in China, fuelled by ample liquidity, have triggered a bond market correction in the last two weeks. HSBC’s report noted that post-correction yields may attract more investors. Seasonally, CGBs tend to perform well in Q4 as bond issuance slows, and investors prepare for usually low net issuance in Q1 of the following year.
Looking at YTD performance as of 2025/08/21, CYC/CYB’s NAV gained +0.13% in CNY and gained +1.79% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore Navigates Export Decline Amid Global Trade Headwinds
Singapore’s July non-oil domestic exports (NODX) fell more sharply than forecast. Fading frontloading effects and escalating tariffs are expected to slow global trade and economies. Prime Minister Lawrence Wong noted the Singapore Economic Resilience Taskforce is mitigating trade barriers through global negotiations while revamping long-term economic strategies with younger leaders, industry partners and unions.
【US】Markets Expect September Fed Rate Cut After Powell’s Jackson Hole Speech
Looking ahead, after Powell’s Jackson Hole remarks reinforced market consensus, solidifying expectations for a September Fed rate cut, traders are pricing an 84% probability of September Fed rate cut. $US Treasury 3 Month Bill ETF(TBIL)$ $S&P 500(.SPX)$ $NASDAQ(.IXIC)$
Source: CSOP, Bloomberg, JPM, HSBC, and Channel News Asia, as of 2025/08/22, except where otherwise stated.
Disclaimer
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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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