【SRT】
As of 10 Oct 2025 (Fri), SRT fell -0.76% WTD in SGD, and rose 13.55% YTD in SGD. Although SRT experienced WTD losses, it remains strong YTD and is expected to benefit from tailwinds such as declining rates, solid operating metrics, a robust SGD, and supportive policies like EQDP funds being eligible to invest in Singapore REITs (S-REITs) and the new iEdge Singapore Next 50 indices. RHB maintains its overweight rating on S-REITs, while CGSI forecasts strong Q3 DPU for the sector.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +13.55%
【MMF】
US government shutdown continues, resulting in vacuum of economic data releases which is anticipated to continue ahead. As such, front-end rates become increasingly sensitive to coherent messaging from data when they are eventually released, potentially causing knee-jerk reactions.
Looking ahead, HSBC Economics anticipates 25bp rate cuts at Fed’s October and December meeting.
We expect $CSOP USD Money Market Fund (SGXZ96797238.MF)$ to continue to deliver stable yield in the near term. As of 2025/10/10, the fund has a net yield at 3.98%. ^
$MMF Net 7-day Yield: +3.98%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
China has reopened following their National Day holidays. Official data released showcased that tourism spending totalled RMB809bn over the eight-day holiday period (vs RMB701bn over the comparable seven-day holiday period last year). Average per-day spending rose by 1% YoY. This further reinforces the disconnect between ongoing risk rally and economic fundamentals.
Following the holidays, interbank funding conditions eased and ought to stay benign till last week of the month, when tax payment deadline compounds month-end effect. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$
Looking at YTD performance as of 2025/10/10, CYC/CYB’s NAV gained +0.11% in CNY and gained +2.59% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】MAS likely to hold monetary policy; Preliminary Q3 GDP expected to slowdown
MAS is anticipated to keep monetary policy unchanged this week on Oct 14, 2025, on subdued inflation and threat of US trade measures against a resilient domestic growth outlook.
Singapore will be releasing preliminary Q3 GDP data on Oct 14, 2025, which is expected to show slow economic growth after a solid June quarter.
【US】US government shutdown continues
US government shutdown continues. $S&P 500(.SPX)$ $NASDAQ(.IXIC)$
Source: CSOP, Bloomberg, JPM, HSBC, and The Straits Times, as of 2025/10/10, 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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