Over the past week, a series of secondary economic releases were scheduled, most of which reported lower-than-expected results compared to the market consensus. Despite this, treasury bond yields experienced a significant increase throughout the week, primarily driven by short-duration bonds. This surge can be attributed to a reversal in the sharp rally observed following the recent CPI report and Federal Reserve minutes released on May 22. This fluctuation may persist in the bond market in the near term. That being said, short-term maturities are nearing their recent peaks following the sell-off, presenting an appealing opportunity for a tactical bullish perspective. Thus, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20240524, the fund has gross yield of 5

East Asia  $CSOP LOW CARBON US$(LCU.SI)$WTD return: +1.39% Overall, Asian stocks gained WTD after an Israel-Iran ceasefire eased Middle East tensions. LCU WTD gains in USD were attributable to financials, IT, and communication services by sector, Japan, China and Australia by region, and Commonwealth Bank of Australia, Xiaomi and SK Hynix by individual firm.   $CSOP SEA TECH ETF US$(SQU.SI)$WTD return: +0.76% SQU gained WTD in USD and that was led by Delta Electronics, Grab and Infosys. Infosys gained after Jefferies rated Infosys a buy for its forward-thinking AI strategy and delivery excellence.  China  $CSOP DIV ETF S$(SHD.SI)$ WTD re

【SRT】 SRT’s declines during the week were led by retail, data centre and health care subsectors and FCT, KDCREIT and CICT by individual REITs. According to The Business Times, investors need not fear dilutive equity raisings as they could drive acquisition-led growth. Besides that, with rates falling as evident from low-risk Singapore T-bill yields falling (most recently, 6-month T-bill issued on 13th May 2025 fell to 2.3%), yield-driven investors have to look to yield alternatives like S-REITs.   $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 WTD Total Return: -0.56% 【MMF】 April’s CPI print showed weaker-than-expected headline and core inflation, and the market reacted positively. However, over the week, UST yields rose, and US nominals cheapened a

· The August CPI and PPI data suggest that the Fed's preferred inflation gauge, the core PCE deflator, will likely remain steady at 0.16% when it is released on Sep 27. This could prompt officials to start cutting rates this month. However, without a clear signal from the Fed for a significant rate cut, a 25-bp move in September is more likely. · The core PCE deflator for Aug is estimated to be 0.16%, consistent with the monthly pace required for inflation to return to the Fed's 2% target. The core PCE likely rose to 2.7% in Aug on a yoy basis. Fed Chair Jerome Powell’s favored “supercore” inflation measure likely rose 0.2% in Aug. T · The biggest drag on August core PCE will likely come from other durable and nondurable goods, recreation goods and services, and financial services. However

【SRT】 Last week, SRT gained amidst the revived risk sentiment, though uncertainties linger. Gains were led by industrial, office and retail by subsector and MLT, FLT and MINT by individual REITs. UBS notes Singapore’s recession risks have eased. UBS favors defensive S-REITs with stable leases and long-term rental income visibility, which buffer economic shocks. $CSOP S-REITs INDEX ETF(SRT.SI)$ WTD Total Return: +4.94% 【MMF】 Last week, after US Treasuries stabilized after the past volatile weeks as the pace of tariff announcements slowed. Short-term risks to yields will probably be double-sided given that a few FOMC members emphasized inflation expectations as a key input to short-term policy direction. Fed Governor Christopher Waller has highlig

 East Asia  $CSOP LOW CARBON US$(LCU.SI)$ LCU WTD return: +0.33% Overall, Asian stocks gained WTD, recovering from losses late last week though markets wavered amidst risks from trade disputes, potential new US tariffs as well as escalating Middle East geopolitical tensions. LCU WTD gains in USD were attributable to IT, communication services and consumer discretionary by sector, Japan, China and Taiwan by geography, and TSMC, Advantest Corp and Alibaba Group. TSMC (foundry) and Advantest (testers) gained alongside other Asian semiconductor stocks as Ai-related trade momentum builds. $CSOP SEA TECH ETF US$(SQU.SI)$ WTD return: +0.75% SQU gained WTD in USD and that was led by Grab, Sea and W