【SRT】
Last week, SRT fell amid market risk-off sentiment following Trump’s escalating trade war. The decline was led by industrial, office and retail by subsectors and MLT, FLT, and MPACT by individual REITs.
Nevertheless, DBS notes that oversold S-REITs (~6.5% yields; ~4.0% yield spreads) has hit support levels. Trump’s 90-day pause on most tariffs could spur an S-REIT rebound a...

【SRT】
Last week, SRT gained slightly. Gains were led by industrial, retail and office by subsectors and CICT, FCT and CLAR by individual REITs.
Even though last week’s announcement of Trump’s reciprocal, “Liberation Day” tariffs (set at 10% on all US-bound exports) triggered stagflation fears, SRT gained as investors rush to defensive assets (gold, cash, government bonds, and REITs). The rise...

Weekly Performance Checkpoint
【SRT】
Last week, SRT traded relatively flat. Gains were led by data centre, industrial and office by subsectors and CICT, KDCREIT and MPACT by individual REITs. Losses were led by hotel by subsectors and FCT, DCREIT and FLT by individual REITs.
According to Business Times, S-REITs outperformed as banking stocks weakened, signalling a potential sector rotation and S-REITs attracted institutional buying after...

Takeaway
§   Chinese equities are enjoying the best start of the year in history, even in the haze of tariff war. The continuing southbound funds and AI-related revaluation made HK stocks stand out, but a catch-up rally in A-shares is still possible.
§   Uncertainties in US tariff policies remain one of the largest threats to the global risk appetite, making the safe-haven assets like gold, US Treasury bonds, and JPY in good demand....

Weekly Performance Checkpoint
【SRT】
Last week, SRT traded relatively flat. Losses were mainly attributable to retail, data centre and hotel by subsectors, as well as CICT, Suntec REIT and FCT by individual REITs. Despite that, according to CNBC, Singapore, while costlier than regional peers, is drawing tourists with premium attractions, conferences, and live events. Singapore tourism board backs interactive experi...

Weekly Performance Checkpoint
【SRT】
Last week, SRT’s decline can be attributable to retail, office and industrial by subsectors, and Suntec REIT, CICT and MINT by individual REITs. Suntec REIT fell amidst its subsidiaries refinancing by signing AU$399mn loan agreements.  Despite Suntec REIT and CICT’s decline this week, they alongside with other mall landlords, are expected to benefit from Singapore’s 2025 ...

Global Outlook: US Still Matters
Inflation Crisis will End Soon? Beware of Reflation
High inflation has been a common predicament for countries in the post-pandemic era, leading to an expansion of the wealth gap and an intensification of social conflicts. Many voters have sought new governments to solve the problem of inflation, which was also the reason for the failure of incumbent parties around the world in the past 2024 election year.
However, ...