【SRT】
As of 17 Oct 2025 (Fri), SRT was flat WTD in SGD, and rose 13.55% YTD in SGD. WTD gains were attributable to retail, industrial, and office by subsector and CICT, FCT and KREIT by individual REIT.
During the week, Singapore announced its Q3 GDP expanded 2.9% YoY, exceeding forecasts (2%) but moderating from Q2’s revised 4.5%, and MAS held monetary policy steady. Macquarie highlighted S-REITs as key beneficiaries of prolonged low rates, driving sector opportunities amid lower capital costs.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +13.55%
【MMF】
The US government shutdown continues, and with the Fed’s pre-meeting blackout period, there is limited information available for bond markets in the short term. Despite that, HSBC Economics forecasts a 25bp rate cut at both the Fed’s October and December meetings as they see sufficient information to do so.
We expect $CSOP USD Money Market Fund (SGXZ96797238.MF)$ to continue to deliver stable yield in the near term. As of 2025/10/17, the fund has a net yield at 3.97%. ^
$MMF Net 7-day Yield: +3.97%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
HSBC sees better China government bond valuations as CGB yields rose and CGB valuations became cheaper. HSBC has also noted lower duration supply and expects the PBOC to return to bond buying as it structurally replenishes system liquidity in future.
Looking ahead, Fourth Plenum discussion is anticipated to revolve around pursuit of high-quality sustainable growth, with focus on tech innovation, consumption and urban renewal, which are positive but not new catalysts. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$
Looking at YTD performance as of 2025/10/17, CYC/CYB’s NAV gained +0.30% in CNY and gained +2.73% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s September Will be Released in the Coming Week
Singapore’s September CPI will be released in the coming week, and headline CPI is expected to be 0.6% YoY (vs 0.5% YoY prior) while core CPI is expected to be 0.2% YoY (vs 0.3% YoY prior).
【US】September CPI, Out Friday, is Expected to Reflect Some Tariff Effects Passed on to Consumers
The September CPI data, delayed due to the US government shutdown, will be released on Friday, Oct. 24, and will be a key input for the Fed’s Oct. 30 meeting. Economists in Bloomberg’s survey project that core CPI will increase by 0.3% for the third consecutive month, maintaining annual core CPI at 3.1% as tariff effects are pass-through to consumers. $Invesco QQQ(QQQ)$
Source: CSOP, Bloomberg, and HSBC, as of 2025/10/17, except where otherwise stated.
Disclaimer
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Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.
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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