To The Moon

【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 yield in the near term. As of 20250411, the fund has a net yield at 4.15%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.15%

^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【CN】

Onshore-offshore funding spread widened last week, as renminbi weakened. This could be attributed to the economic impact of tariffs, which possibly resulted in the central bank being more prudent regarding its liquidity intervention. HSBC thinks this raises the probability of policy rate cuts in the coming days and weeks.

While some investors speculate that China could announce additional fiscal stimulus package to speed up spending (to counter US tariff hits), HSBC thinks it is unlikely in the near-term as the existing fiscal plan can still accommodate a speed up in spending, before considering additional stimulus later this year. As 1Y MLF loans worth RMB 100 bn mature next Tuesday and seasonal tax payment happens next Friday, funding premium could remain wide.

Looking at YTD performance as of 2025/04/10, CYC/CYB’s NAV gained +0.19% in CNY and fell -0.41% in USD*.

* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error

Global Market Outlook

【SG】Singapore Responds to Escalating Global Trade Tensions: MAS Monetary Policy Easing and New Taskforce

All 14 economists polled by Bloomberg anticipate MAS to reduce the slope of the policy band of SGD’s nominal effective exchange rate. Separately, Prime Minister (PM) Lawrence Wong announced a new taskforce, chaired by Deputy PM Gan Kim Yong, to address economic uncertainties amidst escalating global trade tensions. This taskforce aims to bolster businesses and workers’ resilience and adjust to the new economic environment.

【US】Sparse Data This Week Shifts Attention to Trade Tensions and Fed Policy Clues

The data release calendar is relatively light, though markets will be bracing for any further tariff-related news. Speeches from FOMC members will also be scrutinised for clues on the Fed’s rate trajectory.

Source: CSOP, Bloomberg, JPM, and HSBC as of 2025/04/11.

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.

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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.