【SRT】
As of 24 Oct 2024 (Fri), SRT was up 2.04% WTD in SGD, and rose 15.86% YTD in SGD. WTD gains were attributable to industrial, office and data centre by subsector and MLT, KDCREIT, and KREIT by individual REIT.
Morgan Stanley (MS) expects Singapore REITs' 3Q25 updates to focus on operational highlights over granular financials. While MS does not anticipate much DPU surprises, some REITs have the ability to supplement DPU with divestment gains. MS expects resilient rent reversions in Singapore which contrasts with overseas softness.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +15.86%
【MMF】
On 24 Oct 2024 (Fri), September's core CPI rose 0.23% MoM, below forecasts, and JPM estimates core PCE at +0.20% MoM, supporting the case for upcoming rate cuts. Early QT termination may slightly lower yields, but JPM expects little change in its overall rate view. At this week's Oct FOMC meeting, with limited economic data due to the government shutdown, JPM and HSBC anticipate a 25bp rate cut following the softer September CPI.
We expect $CSOP USD Money Market Fund (SGXZ96797238.MF)$ to continue to deliver stable yield in the near term. As of 2025/10/24, 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】
China's Fourth Plenum wrapped up, outlining a Five-Year Plan focused on industrial and technological advancement amid global uncertainties. With no new market drivers, equity volumes have retreated (five-day average now below RMB1.8trn vs RMB2.3trn a week ago), benefiting bonds as fears of bond-to-equity rotation diminish.
HSBC noted that valuations of 30Y CGBs have cheapened notably in recent months. Money market rates remain low and stable; slight tightening is possible in the coming week from tax repayment deadlines and month-end, but central bank liquidity measures should prevent significant funding stress. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$
Looking at YTD performance as of 2025/10/24, CYC/CYB’s NAV gained +0.22% in CNY and gained +2.69% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s Sep CPI Exceeded Expectations; DBS Projects Singapore GDP to More Than Double by 2040
Singapore’s September CPI exceeded expectations at 0.7% YoY for headline inflation (vs 0.6% expected) and 0.4% for core (vs 0.2% expected). Economists expect modest further increases in inflation. September’s core inflation was driven by higher retail and goods prices, and headline inflation was pushed up by private transport and core CPI components. Overall inflation is expected to average 0.5% to 1% in 2025, and 0.5% to 1.5% in 2026, said MAS and MTI.
Looking ahead, in DBS Singapore 2040 report, DBS expects Singapore GDP to more than double from USD547bn in 2024 to USD1.2–1.4tn by 2040, anchored by capital accumulation, human capital, and productivity gains.
【US】25bp Rate Cut Expected at Fed’s Oct FOMC Meeting
Looking ahead to Fed’s Oct FOMC meeting, a 25bp Fed rate cut is broadly expected, especially after softer September CPI data. $S&P 500(.SPX)$ $NASDAQ(.IXIC)$
Source: CSOP, Bloomberg, and HSBC, as of 2025/10/24, 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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