【SRT】
As of 7 Nov 2025 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ was slightly down at -0.88% WTD in SGD, and rose 14.13% YTD in SGD. SRT’s decline was against a backdrop of a broader risk-off sentiment as markets were largely concerned with overstretched valuations, particularly in AI and tech.
Despite that, on a brighter note, according to The Smart Investor, Singapore office REITs offer opportunities in 2025 as lower interest rates ease refinancing costs and lift distributable income. CBRE expects ongoing demand for premium green offices in Asia-Pacific, while Cushman & Wakefield notes a strong flight-to-quality, with Singapore CBD Grade A occupancy at 94.8%.
S$ SRT 2025 YTD Total Return: +14.13%
【MMF】
During the week, data releases saw some signs of hawkishness, with upside surprise in private ADP payrolls and higher ISM services which challenged prevailing narratives of a worsening labour market and economy.
Regarding Treasury’s refunding, the latest quarterly refunding announcement aligned with JPMorgan’s projections, maintaining unchanged auction sizes and signalling no changes “for at least the next several quarters”.
Separately, after a volatile end to October, which was worsened by elevated T-bill settlements, volatility in funding markets have somewhat eased.
Looking ahead, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/11/07, the fund has a net yield at 3.92%. ^
$MMF Net 7-day Yield: +3.92%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
The PBoC bought RMB20bn of government bonds in October, a smaller amount than late 2024, but it is worth noting that a slower buying pace may enable longer-term support by the central bank. HSBC believes monthly purchases of RMB50-100bn, and policy rate cuts could promote a more sustainable bond rally.
In October, the central bank increased liquidity by RMB25bn via four main tools of reverse repos, outright reverse repos, medium-term lending facility and government bond purchases, much less than in September.
The move to a neutral liquidity stance may temper equity market exuberance and further bull-flatten the government bond curve. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$
Looking at YTD performance as of 2025/11/07, CYC/CYB’s NAV gained +0.54% in CNY and gained +3.04% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s October PMI at 50, Staying Above Contraction
Singapore’s PMI eased slightly from 50.1 in September to 50 in October, remaining above contraction as businesses evaluated geopolitical and economic risks. Retail sales rose 2.8% YoY in September, down from August’s 5.3% growth amid pre-F1 season and major concerts. UOB associate economist shared that moderate retail sales is likely attributed to fewer tourist arrivals and more Singapore residents travelling overseas.
【US】US Shutdown Resolution Shall See the Release of Government-Provided Economic Data
Looking ahead, based on updates on Monday morning (2025/11/10), progress has been made to resolve the prolonged US government shutdown. This would see the release of government-provided economic data and possibly provide further clarity to rate trajectory. $Invesco QQQ(QQQ)$ $S&P 500(.SPX)$ $NVIDIA(NVDA)$
Source: CSOP, Bloomberg, HSBC, and The Straits Times, as of 2025/11/07, 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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