– Last week, LCU (+2.41% in USD), SQU (+3.30% in USD), SRT (+0.12% in SGD), and SHD (+1.06% in SGD) gained while SCY (-0.98% in SGD) fell. The gains were largely attributable to the 50bps Fed rate cut.
– LCU’s gains were driven by consumer discretionary, financials and industrials by sector, and China, Australia and Taiwan by geographies. By individual firms, gains were led by Tencent, Toyota Motor, and TSMC. Toyota Motor was amongst the Japanese auto firms that rose due to the yen's depreciation against the dollar, which made their exports more affordable globally and boosted repatriated earnings. TSMC rose due to heightened demand for HBM chips and advanced N3E nodes, driven by the growing use of AI in hardware like the iPhone 16. $CSOP LOW CARBON US$(LCU.SI)$
– SQU’s rise was propelled by Grab, Astra International and Sea Ltd. Sea Ltd gained as Shopee and YouTube have partnered in Indonesia to boost customer reach and competitiveness, using YouTube's new shopping features for product promotion and purchases via Shopee. $CSOP SEA TECH ETF US$(SQU.SI)$
– SRT’s gains were led by office, industrials and hotel REITs by subsectors and MPACT, KDCREIT and CLAS by individual REITs. SRT, being yield-sensitive, benefited from the Fed’s “aggressive” 50bp rate cut. $CSOP S-REITs INDEX ETF(SRT.SI)$
Source: Bloomberg, as of 20240920
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