East Asia  LCU WTD return: +1.36% LCU gained WTD in USD ahead of earnings season and economic data for market participants to gauge trade war impacts. The US noted bilateral negotiations with 17 partners (excluding China), claiming Beijing may yield under sustained 145% tariff pressure. LCU’s gains WTD are led by TSMC, Toyota Motor Corp and MUFG. TSMC is likely to sustain lead over competitors with gains in sub-2nm processing and 3D packaging which reinforces its technological edge. SQU WTD return: +1.30% SQU rose WTD in USD and gains were led by Delta Electronics, Sea Ltd, Goto Gojek Tokopedia. Delta Electronics gained as 1Q net profit rose 27% YoY beating average analyst estimates. Subsequently, it was raised from sell to buy by DBS, and from underperform to neutral by Asia Plus Sec

Singapore FY25-26F to see 3.4% DPU growth rebound due to gradual rate cut as rates and refinancing costs are peaking; Following market volatility arising from Trump’s tariff war, it supports of defensive and resilient S-REIT exposures Retail •      Rebound in retail sales by 10-15% beyond pre-Covid levels •      Lack of supply will be a driver Office •      Limited new supply in CBD/fringe •      Limited demand for expansion •      Grade A offices see firms relocating there Industrials •      Factory rents show resilience with falling supply; data centres gain from net under-supply •      Warehouses face challe

East Asia  LCU WTD return: +0.81% LCU gained WTD in USD, as Asian equities remain resilient amidst the global trade war. There were some signs of progress in some trade talks which helped improve market sentiment.  Gains were led by $COMMONWEALTH BANK AUST(CBAPI.AU)$ , $XIAOMI-W(01810)$ and $HDFC Bank(HDB)$ .  SQU WTD return: +0.14% SQU rose WTD in USD, and gains were led by Infosys, Grab and Wipro.  JPM maintains overweight rating on Grab as Grab's business has the potential to be resilient amidst macroeconomic headwinds given that it serves a relatively affluent population. Grab has been growing its market share, and recent affordable pr

【SRT】 Last week, SRT gained amidst the revived risk sentiment, though uncertainties linger. Gains were led by industrial, office and retail by subsector and MLT, FLT and MINT by individual REITs. UBS notes Singapore’s recession risks have eased. UBS favors defensive S-REITs with stable leases and long-term rental income visibility, which buffer economic shocks. $CSOP S-REITs INDEX ETF(SRT.SI)$ WTD Total Return: +4.94% 【MMF】 Last week, after US Treasuries stabilized after the past volatile weeks as the pace of tariff announcements slowed. Short-term risks to yields will probably be double-sided given that a few FOMC members emphasized inflation expectations as a key input to short-term policy direction. Fed Governor Christopher Waller has highlig

【SRT】 Last week, SRT fell amid market risk-off sentiment following Trump’s escalating trade war. The decline was led by industrial, office and retail by subsectors and MLT, FLT, and MPACT by individual REITs. Nevertheless, DBS notes that oversold S-REITs (~6.5% yields; ~4.0% yield spreads) has hit support levels. Trump’s 90-day pause on most tariffs could spur an S-REIT rebound amidst broad relief rally. 【MMF】 Last week, US Treasuries saw elevated volatility amidst the slew of tariff-headlines. Focus was on the trade-related news development and the FOMC minutes released was mostly ignored by the markets.  Meanwhile, the latest CPI report released showed both headline and core CPI were 0.2% lower than consensus estimates on MoM basis. We expect CSOPUMM to continue to deliver stable yi

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ After China retaliated with 34% tariffs on all imports from US over the extended weekend, US further retaliated and confirmed 104% tariffs on China (effective 9th April), which dampened risk appetite.   Asian markets surged alongside a global relief rally after the US paused reciprocal tariffs on most trade partners for 90 days, though China’s tariffs rose to 125%. The S&P 500 soared 9.5%  on Wednesday. $CSOP SEA TECH ETF S$(SQQ.SI)$ Global selloff fueled by recessionary fears following Trump's trade war. China  $CSOP DIV ETF S$(SHD.SI)$ $CSOP

Weekly Performance Checkpoint 【SRT】 SRT’s gains last week was led by industrial, retail and hotel by subsectors, as well as MLT, CICT and FLT by individual REITs. CICT gained amidst news that Singapore retail sales excluding vehicles gained 4.8% y/y in January, the highest growth since February 2024. This could lead to higher turnover rents and might lift 1Q revenue for mall landlords including CICT. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.42% 【MMF】 Last week, short-term US Treasury yields fell sharply while long-term rates held steady, though tariff news and frequent economic data kept long-end volatility elevated. This drove significant steepening in both Treasury and TIPS curves. Nevertheless, we expect CSOPUMM to continue