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Weekly Outlook

Market Commentary – August 2025

Market Commentary – August 2025

EQUITY MARKET UPDATE

Source: Bloomberg (Total Return in USD terms)

The equity market momentum continued in August, with the S&P 500 delivering +2.0% MoM return, underpinned by growing expectations of monetary easing and strong gains in AI and tech-led earnings. Value displayed relative outperformance as the Dow Jones Industrial Average led with +3.4% MoM. The NASDAQ Composite with its heavy growth/tech weighting, still posted a solid +1.7% MoM but lagged the broader indices.

In the U.S., bleak jobs data and moderating inflation bolstered hopes for a monetary policy easing soon. Markets leaned toward at least one rate cut in September, possibly more, depending on data. Corporate earnings mostly beat expectations, particularly in sectors tied to AI, semiconductors, and tech infrastructure, which helped underpin the rally.

Small-Caps (+5.2% MTD) outpaced Large-Caps (+2.6% MTD) while emerging markets performance lagged (+1.5% MTD), but continued to outperform in YTD terms, with MSCI EM up ~19.6% YTD, driven especially by China’s rebound. In Europe, performance was mixed with UK (+3.4% MTD) leading the pack. Some markets benefited from weaker USD and expectations of improving economic activity. But macro uncertainties have muted gains relative to the U.S. and China. However, optimism on fiscal expansion or spending continued to supported the German equities (+1.7% MTD). The DAX has posted the best YTD performance among developed markets so far.

Closer to home (APAC), North Asia and ASEAN saw varied but generally positive returns. Japan (+6.8% MTD) outperformed the region counterparts although Australia, China, and Singapore are staying close behind at +5% MTD performance. Japan also benefited from trade deal tailwinds and global demand recovery while China equities rallied on signs of policy support (monetary and fiscal), infrastructure spending, and AI breakthrough. Singapore equities momentum remained strong supported by government support and rate-cut optimism. PE of 13x is still attractive compared to other developed markets and provide runway for the rally to continue.

Source: Bloomberg (Total Return in USD terms)

Within the S&P 500 sectors, Materials led (+5.8% MTD), supported by firmer commodity prices and improving demand signals out of China, particularly in base metals and construction-related inputs. Healthcare also outperformed (+5.4% MTD), as selective bargain-hunting in previously oversold large-cap names and resilient earnings delivery drove a short-term rebound.

On the other hand, Utilities (-1.6% MoM) faced pressures by higher Treasury yields and fading rate-cut expectations, which dampened the appeal of yield-sensitive defensives. Industrials were broadly flat, reflecting weak manufacturing activity data and trade-related uncertainty that offset pockets of strength in aerospace and automation demand.

Source: Bloomberg (Total Return in Local Currency Terms)

Global REITs delivered mostly positive performance in August, with top performers being Japan (+6.6% MTD), Australia (+6.3% MTD), and Singapore (+5% MTD). The performance was driven by the anticipated rate-cut from the Fed, supporting overall market rallies and providing a stable environment for income-generating assets like REITs. Both globally and in Singapore, REITs benefited from resilient balance sheets, attractive dividend yields, and broad-based sector strength, including recovery in hospitality, and continued demand in industrial and data centers.

Valuations and yields remain attractive. Many REITs continue to trade below book value, with Price-to-Book (P/B) ratios under 1.0x. Singapore REITs stand out, offering a compelling 3.1% yield spread, the second-highest globally, and trading at a fair 0.97x PB, reflecting both value and income potential. SREITs possess resilient balance sheets and broad-based sector strength, including recovery in Hospitality, and continued demand in Industrial and Data Centers which remain well-insulated from macroeconomic volatility.

EQUITY MARKET OUTLOOK

Signs of Resilience Amid Easing Volatility and Curve Re-Steepening

Source: Bloomberg.

Market volatility eased further in August, with the CBOE VIX falling to 15.4% (-136 bps MoM), below both its 3M average (16.6%) and 1Y average (19.0%), underscoring continued investor optimism amid resilient earnings and AI-driven optimism. Credit conditions also improved as the Global HY-IG spread narrowed to 1.9% (-9 bps MoM), signaling sustained risk appetite despite lingering growth uncertainties.

Yields shifted lower across the curve, with the US 2Y Treasury yield down -34 bps MoM to 3.6% and the 10Y also lower by -15 bps to 4.2%, reflecting softer inflation prints and market positioning for eventual Fed easing. The 10Y–2Y spread widened modestly to 0.6% (+19 bps MoM), marking a bull-steepening of the yield curve. A bull-steepening signals the expectation of an expansive monetary policy, but also shows concerns on economic slowdown/recession that have resulted in investors seeking safety in ST government bonds. Meanwhile, the Fed Funds Rate held steady at 4.3%, broadly in line with market expectations.

Overall, markets continue to balance optimism for a soft landing with repricing risks tied to shifting rate expectations, while lower volatility and tighter spreads point to steady investor confidence heading into year-end.

Persistent Inflation and Early Signs of Global Growth Stabilization

Source: Bloomberg.

Key macro indicators for August suggest inflationary pressures remain sticky but contained, with evidence of modest firming in both consumer and producer prices. Core CPI rose to 3.1% YoY (+20 bps MoM), led by shelter costs and tariff-driven import prices. The Fed’s preferred gauge, Core PCE, inched higher to 2.9% YoY (+10 bps MoM). Meanwhile, Core PPI edged up to 2.8% YoY (+10 bps MoM), signaling persistent upstream cost pressures that is gradually creeping into consumer prices.

Growth indicators showed tentative stabilization, particularly outside the US. The Global Composite PMI strengthened to 52.5 (+80 bps MoM), reflecting resilient services demand and improving global orders. In contrast, US manufacturing momentum weakened further, with the ISM Manufacturing PMI falling to 48.0 (-100 bps MoM), marking the eight straight month of contraction and underscoring persistent industrial softness.

Overall, August data highlight a mixed backdrop: sticky inflation is likely to keep the Fed in a data-dependent stance, while global growth momentum is showing early signs of stabilization. With services strength offsetting US manufacturing weakness, risk assets remain supported, though tariff-related cost pressures and the pace of disinflation will be critical swing factors for the policy outlook into year-end.

Constructive Outlook Amid Sticky Inflation, Recession Fears, and AI-Driven Momentum

Equity markets remain constructive, supported by strong corporate earnings and resilient growth signals outside the manufacturing sector. Large AI-cycle companies reported robust results and guidance in late August, reinforcing technology-led leadership and investor optimism around AI-driven productivity gains. Capital expenditure beneficiaries also continue to provide a supportive earnings backdrop.

At the same time, inflation has remained sticky, keeping the Fed cautious and data-dependent. Signs of a cooling U.S. labor market may ease near-term inflation pressures and clarify the path for potential rate cuts. Weak job growth and a subdued economic outlook further suggest the likelihood and potential size of Fed easing.

Political risks, however, have risen. Public pressure on the Fed and high-profile legal actions against Board members have entered market considerations, introducing a factor that could amplify volatility around future policy decisions and weigh on investor confidence if perceived as a threat to central-bank independence.

Overall, the medium-term outlook is constructive. Earnings strength (driven by AI), stabilizing global demand, and a cooling labor market create a possible path toward easing. Yet sticky core inflation and rising political interference in central-bank affairs materially increase policy uncertainty, posing a downside risk to conviction.

CHINA MARKET UPDATE

In August, The Shanghai Composite Index reached its highest level since August 21, 2015 — marking a nearly 10-year high and demonstrating strong upward momentum. The ChiNext Index, representing smaller stocks, also showed sustained strength, reaching its highest point since February 15, 2023.

The core logic behind the current market rally remains solid — with new growth drivers continuously emerging and the trend of incremental capital inflows persisting, both of which continue to fuel market momentum. With the channels for medium- to long-term capital entry opening up, and an acceleration in inflows from margin financing, private equity, and other high-risk appetite funds, market liquidity is seeing notable improvement. Additionally, stronger-than-expected U.S. non-farm payroll data in July has raised expectations for a Fed rate cut in September. Easing global liquidity, combined with foreign investors’ continued underweight positioning in Chinese assets, suggests that foreign capital inflows may further boost liquidity in the A-share market. In the short term, the market is focused on high-growth areas such as pharmaceuticals and overseas computing power. Structurally, over the medium term, domestic technology and de-involution trends in the manufacturing sector are more likely to become key themes in the market.

Looking ahead, two areas warrant close attention:

  1. Market recovery and policy direction in Q3 2025: The policy focus is on structural adjustments. With continued emphasis on de-involution policies, a rebound in PPI (Producer Price Index) in the second half of the year is highly likely. However, sustained signals of economic recovery still need to be observed and confirmed.
  2. Market dynamics and theme rotation: The market is currently in a phase of concentrated hotspots — with cyclicals, technology, manufacturing, pharmaceuticals, and new consumer sectors all showing periodic strength. In the second half of the year, the market may still need to establish a clear leading theme. Specifically, a market uptrend theme requires broader and deeper momentum. Breakthroughs in domestic technology and globally competitive, de-involution-driven manufacturing may potentially become the main themes in H2. Although some volatility may arise, the overall upward sentiment in the market is unlikely to fade easily.

For the Phillip China Universal MSCI A50 Connect ETF, as the index constituents are primarily leading companies across various industries, their historical profitability has been relatively stable. Over the past decade, net profits declined in only in two years — 2016 and 2020 — with a compound annual growth rate (CAGR) of nearly 6% during the period. In terms of valuation, the MSCI China A50 Connect Index currently has a price-to-book (P/B) ratio of 1.3x, placing it near, but still below, the 50th percentile over the past 10 years. This valuation is slightly higher than that of the SSE 50 Index and is close to its historical average. The dividend yield stands at about 3.5%, which is higher than that of traditional broad-based A-share indices (e.g. similarly around 3.5% for SSE 50 Index, below 3% for CSI 300 Index, only 1.5% for CSI 500 Index and slightly above 1% for CSO1000 Index).

The MSCI China A50 Connect Index has a distinctly large-cap profile, with an average market capitalization of over RMB 500 billion, roughly equivalent to that of the SSE 50 Index. It represents one of the largest-cap broad-based indices in the A-share market. In terms of risk and return, MSCI China A50 Connect Index has delivered an annualized return of 6.5% since incepted in 2012. When including dividends, the total return index achieves an annualized return of over 9%, indicating a strong historical dividend performance. In comparison, its total return exceeds those of other broad-based A-share indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000, all of which have total returns below 8.5%. On the volatility side, the MSCI China A50 Connect Index has an annualized volatility of 21.79%, which is lower than the A-share market average and only slightly higher than that of the CSI 300 Index among broad-based indices.

Among major asset classes, the MSCI China A50 Connect Index shows moderate correlation with bonds, gold, and U.S. equities. It has a higher correlation with the Hang Seng Tech Index, but a lower correlation with the broader Hang Seng Index. A breakdown reveals that the dividend-focused segment of the Hong Kong stock market has a very low correlation with the MSCI China A50 Connect Index — as low as -0.05.

Overall, the MSCI China A50 Connect Index primarily consists of large-cap industry leaders while also incorporating elements of the new economy. In terms of index construction methodology, dividend yield, and historical risk-return characteristics, it can be seen as an enhanced version of the SSE 50 and CSI 300 indices. Furthermore, compared to these two broad-based indices, the MSCI China A50 Connect Index exhibits lower correlations with a wider range of asset classes, which may help reduce overall portfolio volatility.

FIXED INCOME UPDATE 

Source: Bloomberg; Returns are presented in USD terms

Source: Bloomberg; Returns are presented in USD terms

Bond markets were broadly positive in August, with nearly all major indices delivering gains. Once again, Singapore dollar bonds stood out as the top performer. The SGD Overall Index rose 2.5% in USD terms, extending its year-to-date leadership position and highlighting sustained investor demand for high-quality backed by Singapore’s political and currency stability.

Core U.S. benchmarks, including the Aggregate Bond Index and Treasuries, registered modest gains, reflecting a delicate balance between persistent inflation pressures and cautious optimism over the Fed’s policy path. In contrast, European bonds lagged, with the Pan-Euro Aggregate Index slipping into negative territory as long-end yields climbed. Investor sentiment was weighted down by fiscal concerns in the UK and heightened political uncertainty in France, where Prime Minister François Bayrou’s move to tie his government’s survival to a September 8 confidence vote on a controversial austerity budget unsettled. The 10-year OAT-Bund spread widened to around 80 basis points, its widest since April 2025.

The New Safe Haven? Asia Bonds Step Up as Developed Markets Stumble

August’s bond market moves underscored a world in transition. Long-end yields rose across major developed markets, driven less by growth expectations than by fiscal pressures, political instability, and shifting investor demand. In the US, the 30-year Treasury yield closed the month at 4.98%, approaching the psychologically important 5% level amid heavy issuance, waning demand from traditional buyers, and growing concerns over the long-term fiscal outlook

In the UK, 30-year Gilt yields surged to 5.73%, as investors grappled with elevated public spending, persistent inflation, and the fiscal uncertainty of the Labour Government’s Autumn Budget. Germany’s 30-year Bund yield hit a 14-year high, reflecting term premium normalisation despite weakening growth prospects. Meanwhile, France’s 10-year OAT-Bund spread widened to 79bps, its widest since April, as political turmoil over austerity measures unsettled investors and raised fresh doubts over fiscal credibility.

Japan’s long-end yields surged for similar— though more acute—reasons. The 30-year JGB yield reached 3.2% in late August, its highest level since the BoJ’s exit from Yield Curve Control in 2024. A weak 20-year auction, sticky core-core inflation at 3.4% YoY, and a sharp pullback in foreign demand triggered what some analysts described as a “panic-like move.” With public debt exceeding 260% of GDP and the BoJ scaling back monthly purchases, the market is recalibrating risk in a post-YCC world.

As developed markets stumble, Asia’s bond markets are emerging as not just for diversification, but as a credible leadership. Asian USD bonds have delivered year-to-date, supported by attractive all-in yields, robust credit fundamentals, and lower volatility relative to developed market peers. Importantly, this resilience appears structural rather than cyclical.  Deep liquidity, improving market infrastructure, and rising participation from domestic investors are reshaping the region’s   fixed income landscape. CNH bonds, once niche, are now increasingly drawing institutional flows on the back of falling onshore yields and improving credit quality. In Singapore, MAS’s calibrated policy stance and currency stability, continue to underpin investor demand for SGD-denominated assets.

These moves underscore a broader truth: the traditional anchors of global fixed income are showing signs of strain. And as they falter, Asia’s bond markets are no longer simply offering diversification – they are assuming a more strategic role, marked by growing credibility and relevance. Whether this shift proves to be a lasting realignment or transitory reprieve remains uncertain, but Asia’s ascent is becoming increasingly difficult for global investors to ignore.

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With effect from 1st July 2014, this FATCA Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”) and should be read in conjunction with those Terms and Conditions, including those under our Personal Data Protection Notice.The existing terms and conditions of any contractual agreement entered into between PCM a nd you (the “Existing Terms and Conditions”) remain in full force and effect. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.

We may from time to time update the Terms and Conditions listed here to ensure their consistency with our future developments,industry trends and/or any changes in legal or regulatory requirements. Such updates will be published at http://www.phillipfunds.com/ .

On March 18, 2010, the United States of America’s (“U.S.”) Hiring Incentives to Restore Employment Act of 2010 (Pub.L.111-147H.R.2847)) (the “Act”) was enacted into law. Section 501(a) of the Act added a new chapter 4 (sections 1471-1474) to Subtitle A of the U.S.’s Internal Revenue Code (Code).Chapter 4 expands the information reporting requirements imposed on foreign financial institutions (as defined in section 1471(d)(4)) (FFIs) with respect to certain U.S. accounts (as defined in section 1471(d)(1)) of specified U.S. person, and imposes withholding, documentation, and reporting requirements with respect to certain payments made to certain foreign entities.

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“FATCA” or “Foreign Account Tax Compliance Act” means Chapter 4 (sections 1471 to 1474) to Subtitle A of the U.S.Internal Revenue Code.

“U.S. person” means a U.S. citizen or resident individual, a partnership or corporation organised in the U.S. or under the laws of the U.S. or any state of the U.S. thereof, a trust if: (i) a court within the U.S.would have authority under the applicable law to render orders or judgments concerning substantially all issues regarding the administration of the trust; and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a decedent that is a citizen or resident of the U.S..This definition shall be interpreted in accordance with the provisions of the U.S. Internal Revenue Code.

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PDPA

PERSONAL DATA PROTECTION NOTICE

With effect from 1st July 2014, this Personal Data Protection Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”). Without prejudice to the existing terms and conditions of any contractual agreement entered into between PCM and you (the “Existing Terms and Conditions”), which remain in full force and effect, this Notice shall be read in conjunction with the Existing Terms and Conditions. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.

We are required under the Personal Data Protection Act (“PDPA”) to put in place the necessary arrangements to protect personal data and comply with the PDPA. Personal data includes any data and information, whether true or not, about an individual (a natural person) who can be identified from that data or information, such as your name, NRIC, passport or other identification number, telephone numbers, address, email address and any other information relating to individuals which you or your authorized representative have provided to us or we are likely to have access to (“Personal Data”).

This Notice outlines the purposes for the collection, use and/or disclosure of your Personal Data by PCM, how we protect your Personal Data and your rights with respect to the collection, use and/or disclosure of your Personal Data. This Notice supplements but does not supersede nor replace any other consents which you may have previously provided to us in respect of your Personal Data, and your consents herein are additional to any rights which we may have at law to collect, use and/or disclose your Personal Data. We may from time to time update the Terms and Conditions listed here to ensure their consistency with our future developments, industry trends and/or any changes in legal or regulatory requirements. Such updates will be published at http://www.phillipfunds.com/.

1. PCM may collect, use and/or disclose your personal data for any of the following purposes listed below (collectively “Permitted Purposes”):-

i) carrying out activities, duties and obligations in connection with our products and services which you have applied for, including evaluating your eligibility and credit profile, verifying the identity or authority of your representatives, administration of your account and/or managing our overall relationship with you (including but not limited to the outsourcing of any of our functions to service providers or vendors, due diligence checks, accounting and portfolio valuation, billing and collections, business continuity and print management);

(ii) developing new services and/or products;

(iii) providing you with marketing, advertising and promotional information, materials and/or documents related to financial products and/or services that we may be selling, marketing, offering or promoting, whether such financial products or services exist now or are created in the future;

(iv) marketing and promotional events, including but not limited to images, photographs or videos of you during the events;

(v) meeting or complying with PCM’s internal policies and procedures and any applicable rules, law, regulations, codes of practice or guidelines, orders or requests issued by any court, legal or regulatory bodies (both national and international) (including but not limited to disclosures to regulatory authorities or financial industry self-regulatory bodies; conducting audit checks (internal/external), surveillance and investigation; handling of customer feedback or complaint; dispute resolutions; recording of telephone conversations and/or electronic communications with you; conducting checks or investigations for prevention and/or detection of financial crimes such as money-laundering, financing of terrorism, fraud and/or bribery etc.);

(vi) legal purposes, including but not limited to obtaining legal advice and enforcing or defending our legal and/or contractual rights against you;

(vii) risk management, statistical and trend analysis;

(viii) processing and/or storing data and/or information related to your relationship with PCM.

2. PCM, in order to facilitate the discharge of its duties and obligations to you, may be required to disclose your Personal Data for the Permitted Purposes and/or for processing of the Permitted Purposes on a need-to-know basis, to any of the following entities and the directors, officers, staff, employees and agents of any such entities, whether located within or outside Singapore (“Relevant Persons”):-

(i) any associate or related company of PCM and the directors, officers, staff, employees and agents of any such person;

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(iii) any relevant governmental, supervisory or regulatory authority or court of law, including the Monetary Authority of Singapore, to which PCM is or may be subject;

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(x) any person as PCM may consider necessary in order to comply with any order, directive or policy of any court or governmental or regulatory authority in any jurisdiction;

(xi) any person when required to do so in accordance with the laws of any applicable jurisdiction or rules of any professional self-regulatory bodies or securities exchanges;

(xii) any agent, contractor or third party service provider who provides their services in connection with the operation of PCM’s fund management business, including but not limited to the custodians, trustees, fund administrators, registrars, banks, legal firms, accounting and auditing firms, printing firms, IT service providers, credit reference agencies, credit bureaus, data screening entities for the purpose of due diligence checks and the prevention and detection of financial crimes.

3. PCM’s related companies and third party service providers shall be bound by the same provisions as set out in this Notice and we will require them to ensure that your Personal Data are kept confidential and secure.

4. You represent and warrant that your Personal Data provided to us is accurate and complete for us to make a decision that affects you or to disclose your Personal Data to the above-mentioned Relevant Persons on a need-to-know basis. Where applicable, when you provided Personal Data relating to another individual (e.g. your dependent, spouse, children and/or parents) to us, you represent and warrant that such Personal Data is accurate and complete and the consent of that individual has been obtained for the collection, use and disclosure of his/her Personal Data in accordance with the provisions listed in this Notice.

5. We will retain your Personal Data to the extent that one or more of the Purposes for which your Personal Data was collected, used and/or disclosed is/are still valid and for legal, regulatory reporting or regulatory investigations purposes for which retention may be necessary.

6. PCM may terminate any contractual relationship which you may have with us, if any information provided to us is insufficient, misleading or erroneous or if any information that is required to be disclosed to any regulatory authority for compliance with any law or regulation is not provided by you.

7. You may request access to or make corrections to your Personal Data records. Depending on the information requested PCM may charge a small fee when you request access to your Personal Data. Upon your request and subject to the provisions under the PDPA, PCM will respond accordingly within reasonably possible time. Please submit your request to our Data Protection Officer via [email protected].

8. You may withdraw your consent to any use or disclosure of your Personal Data for any or all of the Purposes as set out in this Notice by giving written notice to us. If you withdraw your consent(s), depending on the nature of your request, we may not be in a position to continue to provide our products or services to you or administer any contractual relationship in place. Such withdrawal may be considered a termination by you of any agreement you may have with us. Where there is any breach of your contractual obligations or undertakings, PCM’s legal rights and remedies are expressly reserved in such event.

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Use of Information and Materials

The contents of this website are provided to you for general information only and should not be used as a recommendation or basis for making any specific investment, business or commercial decision. These pages should not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the securities, and specifically funds or any investment products, mentioned herein, or, in any jurisdiction to any person to whom it is unlawful to make such an invitation or solicitation in such jurisdiction. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of your acting based on this information.

Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance is not necessarily indicative of the future or likely performance of the fund(s). There can be no assurance that investment objectives will be achieved. Any use of financial derivative instruments will be for hedging and/or for efficient portfolio management. The value of any investments and the income from them may fall as well as rise.

Investments in the fund(s) managed by PCM are not obligations of, deposits in, or guaranteed by PCM or any of its affiliates.

The information contained in these pages is not intended to provide professional advice and should not be relied upon in that regard. It also does not have any regard to your specific investment objective, financial situation and any of your particular needs. You should read the relevant prospectus and the accompanying product highlights sheet (“PHS”) for disclosure of key features, key risks and other important information of the relevant fund(s) and obtain advice from a financial adviser (“FA”) before making a commitment to invest in the fund(s). In the event that you choose not to obtain advice from a qualified financial adviser, you should assess and consider whether the investment product is suitable for you before proceeding to invest and we do not offer any advice in this regard unless mandated to do so by way of a separate engagement. A copy of the prospectus and PHS are available from PCM or any of its authorized distributors.

You are advised to read the applicable Terms and Conditions governing each account and the relevant Risk Disclosure Statement, if any, carefully before investing in any investment products.

The contents of this website, including these terms and conditions, are subject to change and may be modified, deleted or replaced from time to time and at any time at the sole and absolute discretion of PhillipCapital. Any opinions or views herein are made on a general basis and are subject to change without notice.

Member companies of PhillipCapital, their directors, officers, associates, agents, affiliates and/or employees may own or have positions in the investments mentioned herein.

This publication and Information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The fund(s) is/are not offered to U.S. Persons.

 

Timeliness, accuracy and completeness of information

 In particular, we assume no responsibility for or make any representations, endorsements, or warranties whatsoever in relation to the timeliness, accuracy and completeness of any services, content, information and/or data contained in the Website, whether provided by us, any content providers or third parties.

 

Copyright 

PhillipCapital and/or its member companies reserve all copyright and intellectual property rights to the services, content, information and data on the Website. The contents in the Website are protected by copyright and no part or parts hereof may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, published, displayed, broadcasted, hyperlinked, used for creating derivative works or used in any other way for commercial or public purposes without the prior written consent of PhillipCapital and/or its member companies.

 

No Warranties 

While every care has been taken in preparing the contents contained in the Website, such contents are provided to you “as is” and “as available” without warranty of any kind either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a particular purpose or freedom from computer virus is given in conjunction with such contents. Member companies of PhillipCapital, their directors, officers, associates, agents and affiliates make no representations, endorsements or warranties of any kind about the services, content, information and/or data contained in the Website.

 

Separate Contracts 

The provision of any service or products provided by PhillipCapital and/or its member companies through the Website shall be expressly subject to the particular terms and conditions as contained in the contract for the supply of such service or product. Any warranties or representations made in relation to the provision of such service or product are as made in the contract only and PhillipCapital and/or its member companies make no separate warranty or representation through the Website or through these general terms of use.

 

Exclusion of Liability and Indemnity 

In no event shall PhillipCapital and/or its member companies be liable to you for any loss, damage, costs, charges and/or expenses of whatsoever nature and howsoever arising including legal fees on a full indemnity basis, cost of funding and loss or cost incurred by you as a result of or in connection with:

  1. any access, use or the inability to access or use this website, use of or reliance on the contents of this website;
  2. any transaction performed on any web page in the Website;
  3. any loss or abuse or unauthorized disclosure of information, including customer information;
  4. any system, server or connection failure, error, omission, interruption, interception, delay in operation or transmission, or computer virus;
  5. any use of or access to any websites linked to the Website;
  6. any service, product, information, data, software or other materials obtained from this Website or from any other websites linked to this Website;
  7. breach or violation of any third party rights, including but not limited to the violation of any proprietary or intellectual property rights or the enforcement of any of these general terms of use.

 

Governing Law 

These general terms of use shall be governed by and construed in accordance with the laws of the Republic of Singapore and all parties hereby agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore. Products and services referred to in this website are offered only in jurisdictions where and when they may be lawfully offered by PhillipCapital and/or its member companies. The contents in the Website are not intended for use by persons located in or resident in jurisdictions that restrict the distribution of such materials by us. Persons accessing these pages are required to inform themselves about and observe any relevant restrictions. The terms and conditions governing the use of the Website of each member company of PhillipCapital may differ and you should consult and carefully read the applicable terms and conditions before using the website.

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.