【SRT】
As of 5 Dec 2025 (Fri), SRT slightly declined 1.52% WTD in SGD, and rose 12.82% YTD in SGD.
Despite its decline, Singapore REITs are on track to posting strongest gains since 2019. As reported in The Business Times on 7 Dec 2025, S-REITs are buoyed by rate tailwinds, lower debt cost, and resilient occupancies and rental reversions across various subsectors. Acquisition and divestment activity has also intensified.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +12.82%
【MMF】
Following weeks of volatility, markets now expect a third straight Federal Reserve rate cut at December's FOMC meeting, even though key data has been postponed till after the meeting due to the extended government shutdown.
Looking ahead, the December Summary of Economic Projections (SEP) and dot plot may offer more details on Fed expectations for next year. However, market reaction could be subdued due to potential FOMC composition changes. While a new Fed Chair might create short-term volatility and headline risk, actual policy will continue to depend on incoming economic data.
HSBC continues to anticipate steady growth and persistent inflation. Due to ongoing fiscal pressures affecting long-term interest rates, HSBC expects the yield curve to steepen into the new year.
In the near-term, we expect CSOPUMM to continue to deliver stable yield. As of 2025/12/05, the fund has a net yield at 3.86%. ^
$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +3.86%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
PBOC bought RMB 50bn of government bonds (+150% MoM) in November, below market expectations of RMB 80-100bn. PBoC Governor Pan Gongsheng’s remarks about keeping a prudent monetary policy by avoiding excessive policy expansion and contraction, led to higher CGB yields. The slow pace of accumulation is expected to enable the PBOC to stay engaged for a longer period of time to anchor the bond market.
Looking at YTD performance as of 2025/12/05, CYC/CYB’s NAV gained +0.27% in CNY and gained +3.51% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore PMI Hits 50.2 in November on AI Chips and Server Demand; Retail Sales Surge 4.5% YoY in October
Singapore’s PMI rose to 50.2 points in November (vs a slowdown in October) amid continued demand for AI chips and server hardware. Meanwhile, Singapore’s retail sales grew 4.5% YoY in October (vs 2.7% in September), likely attributable to the luxury spenders and a rise in foreign visitor arrivals for the F1 Singapore Grand Prix in early October.
Source: CSOP, Bloomberg, JPM, HSBC, and The Straits Times, as of 2025/12/05, except where otherwise stated.
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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
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