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Weekly Outlook

Market Commentary – October 2025

Market Commentary – October 2025

EQUITY MARKET UPDATE

Source: Bloomberg (Total Return in USD terms)

Equities continued to be on an up-trend, but the momentum has slowed. The S&P 500 reported a +2.0% MoM return, still mainly driven by optimism for by a monetary easing and resilient AI/tech-led earnings. The tech-heavy NASDAQ Composite (+4.9% MoM) has outpaced value stocks as loosely represented by the DJIA (+2.5% MoM). The Fed has cut its benchmark interest rates in late October to a 3.75-4% range, but its plan for December remains uncertain as its guidance was quite hawkish if incoming data disappoints. Corporate earnings have exceeded expectations, with the S&P 500 companies delivering 13% EPS growth YoY, the fourth consecutive quarter of double-digit earnings growth with outsized contributions from firms in the InfoTech, Communication Services, and Healthcare sectors.

Small-Caps (-0.1% MoM) lagged Large-Caps (+1.8% MoM) while emerging markets performance gained momentum (+4.9% MoM and 28.8% YTD), driven by the inflows into APAC tech infrastructures. In Europe, performance was mixed with UK equities (+2.2% MoM) leading on the back of hopes of a BoE rate cut and a relatively attractive valuation level. German equities (-0.6% MoM) fell due to weak economic sentiment and macro trade uncertainties.

Closer to home. APAC and ASEAN equities saw varied but generally positive returns. SK (+17.1% MoM) and Japan (+9.5% MoM) were the best performing equity markets. SK equities rallied on the back of AI and tech stocks, on top of optimism around a trade deal with the US, and strong overall export data. Japanese equities benefited from the election of a new prime minister signaling political stability, and strong gains in AI-related tech names as well. In contrast, Chinese/HK equities (-1.8%/+1.9% MoM) underperformed primarily because of renewed trade tensions with the US, poor economic indicators like declining exports and weak domestic demand, and lingering fragility in investor sentiment.

Source: Bloomberg (Total Return in USD terms)

Within the S&P 500, InfoTech (+6.6% MoM) remains the best performer driven by AI-linked growth and cloud infrastructure plays, supported by strong earnings momentum despite the increased in enterprise capex spending. Health Care (+3.7% MoM) advanced on improving regulatory clarity and renewed investor appetite for innovation, particularly in biotech and AI-driven drug development. Meanwhile, Utilities (+2.9% MoM) benefited from defensive positioning and structural demand tied to power-grid demand and AI-led Data Centre expansion.

Conversely, Materials (-4.2% MTD), Financials (-3.0% MTD), and Real Estate (-2.7% MTD) lagged due to cyclical and rate-sensitive headwinds. Materials weakened on softer manufacturing orders and global demand, amplified by falling commodity prices while Financials slipped as concerns over loan quality and narrowing net-interest margins.

Source: Bloomberg (Total Return in Local Currency Terms)

Global REITs reported a mostly negative performance in October, with Singapore (+2% MoM) and UK (+1.3% MoM) delivering the only positive returns MoM. Higher-for-longer rates have pressured REIT valuations and reignited funding costs concern.

SREITs continue to benefit 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 with a compelling 3% yield spread, the second highest globally, and trading at a fair 1x 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

Market Remains Highly Sensitive: Positioned for Optimism, Prone to Sharp Repricing

Source: Bloomberg.

Market volatility has reignited in October, with the VIX rising by 116 bps MoM, crossing its T3M average (~17%) but still sits under T1Y average (~19%). The SKEW has fallen to 143 but still hovering near 150 level. Concern for an AI bubble or an unexpected tail risk event has grown, but ongoing strength in corporate earnings and elevated excitement around AI-driven productivity still had investors feared for missing out.

Yields shifted slightly lower across the yield curve, with the US 2Y Treasury yield down -3 bps MoM to 3.6% and the 10Y also lower by -7 bps to 4.1%, reflecting softer inflation prints and market positioning for eventual Fed easing. The 10Y-2Y spread tightened modestly to 0.5% (-4 bps MoM), marking a bull-flattening of the yield curve. This means that the market is growing bullish overall and has shifted positioning to LT bonds in the prospect of falling inflation and ST interest rates. In parallel, credit markets also showed some risk pricing as the global high yield and investment-grade (HY–IG) spread widened to 2% (+2 bps MoM). But the level is still below the LT averages, underscoring a sustained risk appetite.

Overall, markets are navigating a delicate balance between soft-landing optimism and the risk of abrupt repricing. Volatility has firmed but remains below long-term norms, signaling cautious sentiment rather than full-blown stress. The bull-flattening of the U.S. yield curve reflects incremental confidence in disinflation and eventual Fed easing, yet the curve is not steep enough to imply aggressive cuts. Credit spreads remain contained, showing that risk appetite is intact even as investors demand a modest premium for uncertainty. This leaves markets hypersensitive. Strong earnings and AI-driven productivity themes can sustain risk-taking, but any upside inflation surprise, hawkish policy signal, or geopolitical shock could quickly unwind positioning and drive volatility higher again.

Mixed Macro Backdrop: Stabilizing Growth but Persistent Inflation Keeps Policy Cautious

Source: Bloomberg.

Key macro indicators continue to suggest that inflation remains sticky, though not runaway, while growth signals are mixed but showing glimmers of stabilization globally. The U.S. government shutdown has caused missing September inflation data and the data-dependent Fed will likely to take a more cautious decision as a result. But the Fed’s preferred gauge, Core PCE, stayed at 2.9% YoY in August, still anchored above central bank 2% comfort zones. The leading Core PPI stayed at 2.8% YoY as well, hinting at underlying cost pressures upstream that could still feed into consumer inflation over time.

Growth indicators showed tentative stabilization, particularly outside the US. The Global Composite PMI strengthened to 52.0 (+40 bps MoM), reflecting resilient services demand and improving global orders. The US manufacturing momentum however has worsened with the ISM Manufacturing PMI declining to 48.7 (-40 bps MoM), marking a tenth-straight month of contraction and underscoring persistent industrial softness in the US.

Sticky inflation continues to restrain Federal Reserve policy and underscores its data reliance. Core inflations remain elevated and risks from tariff pass-through, wage pressures and upstream cost-push remain present. At the same time, growth signals are patchy but showing glimmers of stabilization outside the U.S. where tech sectors are offsetting lingering weakness in manufacturing and trade. Overall, the outlook for growth will hinge on the extent to which consumer spending and services remain resilient, and whether external demand (particularly from Europe and China) can firm up enough to compensate for continued industrial softness. Meanwhile, industrial weakness may be approaching a trough, but risks such as higher commodity/energy prices, tariff escalation and renewed supply-chain constraint are still present. Taken together, the balance of risks suggests that central banks will remain cautious about prematurely cutting rates until disinflation becomes more durable and growth momentum becomes broader based.

AI-Led Momentum Supports a Constructive Outlook, but Fragile Macro Undercurrents Persist

We maintain a constructive medium-term outlook, underpinned by the momentum of the AI investment cycle and robust near-term corporate earnings. The upswing in AI-related capex and broadening earnings strength across technology, infrastructure and industrial players has reinforced confidence in a secular growth premium. At the same time, macro conditions are offering incremental support. The U.S. labour market shows signs of cooling, inflation pressures appear to be moderating, and the Fed’s policy is gradually shifting toward easing.

Looking further out, the long-term outlook remains cautiously optimistic but is subject to elevated structural risks. Valuations in many AI names are lofty and concentration risk is growing. Moreover, investor confidence in central-bank independence and policy credibility is increasingly coming into focus. As such, markets remain highly sensitive to any perception of premature easing or loss of policy discipline. In practical terms, this means investors should cautiously lean into the equity opportunity while maintaining guardrails, emphasizing diversification beyond U.S. mega-caps and factoring in potential tail risks around inflation, policy reversal or AI hype fatigue.

CHINA EQUITY MARKET UPDATE

Due to multiple factors such as a high comparison base and fiscal spending patterns, China’s economic growth in Q4 is under pressure. The probability of large-scale stimulus measures aimed at boosting domestic demand in the near term is expected to be low. Driven by the high base effect and sluggish month-on-month momentum, real GDP growth is expected to moderate in the second half. Recently, key economic indicators have shown a clear month-on-month decline, mainly due to:

  • A second downturn in the property market and unresolved local fiscal strains, resulting in continued marginal slowdown in real estate and infrastructure investment
  • Decreasing incremental support from new-energy subsidies
  • Profitability pressures on manufacturing firms, leading to weakening investment momentum

Based on GDP estimates, growth has been declining for consecutive months, though the magnitude remains manageable. A simple regression using industrial production and services data suggests GDP growth above Q3 last year, and high-frequency indicators point to Q3 GDP growth of around 4.7%–4.9%. At present, achieving the full-year target of around 5% still appears feasible.

On October 17, the A-share market experienced a significant decline across the spectrum, both in large caps (e.g. Shanghai Composite Index down 2.0%), and smaller stocks (e.g. ChiNext Index and STAR 100 declined 3.4% and 4.2%, respectively). The A-share market downturn has shown clear “re-balancing” characteristics, with previously outperforming sectors leading the decline. Sectors that recorded strong gains in the second half, such as electronics, communications, and electrical equipment, saw relatively larger pullbacks in October. From a valuation perspective, although overall market valuation has risen after the earlier rally, it is still far from historical peaks. From a margin-financing perspective, the balance of margin financing in the A-share market surpassed the 2015 June peak in October. However, given the substantial expansion of total market capitalization over the past decade, margin financing as a share of free-float market capitalization is about 2.5%, significantly below the 4.7% level recorded at the 2015 peak.

Therefore, overall A-share market risk remains within a reasonable range. The key drivers supporting the A-share market remain intact:

  • Amid a new wave of technological revolution and industrial transformation, China has given rise to a large number of high-quality enterprises with strong international competitiveness.
  • The market is currently at the bottoming stage of the earnings down-cycle, and listed companies’ earnings are expected to recover systematically going forward
  • Domestic interest rates remain at historical lows, which enhances the relative attractiveness of equity assets
  • The government has introduced a series of important policies to support the high-quality development of the capital market.

FIXED INCOME UPDATE 

Source: Bloomberg; Returns are presented in USD terms

Source: Bloomberg; Returns are presented in USD terms

Bond market returns were broadly positive in October, with most major indices delivering modest gains. The notable exception was the SGD Overall Index, which posted a second consecutive monthly decline in USD terms its underperformance driven primarily by FX translation effects, as the Singapore dollar weakened against the US dollar from mid-September through October. The marked a reversal from earlier in the year, when SGD strength had consistently amplified USD-based returns. In contrast, the Emerging Market USD Aggregate Index and the Pan-Euro Aggregate Bond Index outperformed, supported by stable credit spreads and a modest rally in long-end rates. Eurozone yields declined as fiscal concerns eased and inflation pressures moderated, while EM debt benefited from renewed carry demand amid a more stable risk backdrop.

The macro backdrop was dominated by the Federal Reserve’s October rate cut—25 basis points to a 3.75–4.00% range, despite being dovish in action, markets interpreted this as a hawkish cut, as Chair Powell framed the move as a “risk-balancing” adjustment rather than the start of an easing cycle. His emphasis that a December cut was “not a foregone conclusion” prompting a rise in long-end yields as investors recalibrated the likely path of policy easing.

Year-to-date, the SGD Overall Index remains the top performer, with gains approaching 15%, supported by resilient domestic credit fundamentals and a favourable rate environment. Falling interest rates have directly boosted bond valuations. Emerging Market USD debt and US corporate bonds have also delivered strong YTD returns, while the Pan-Euro Aggregate Index continues to lag amid persistent rate volatility and lingering macroeconomic uncertainty across the eurozone.

FED to Wind Down QT; Eyes Potential Shift Towards Short-Term Liquidity

The Federal Reserve announced it will conclude its multi-year quantitative tightening (QT) program on December 1, 2025, marking a pivotal shift in its balance sheet strategy. The Fed’s holdings currently stand at $6.6 trillion, down from nearly $9 trillion at the pandemic peak. Beyond reduction, the Fed is expected to gradually rebalance its portfolio towards shorter dated Treasury bills while reducing exposure to longer-dated Treasuries and agency MBS. This adjustment is aimed at bolstering short-end liquidity as reserve balances tighten.

While less discussed, this compositional shift carries important market implications. By stepping back from the long end, the Fed removes a key source of duration demand, placing upward pressure on long-end yields and steepening the curve. This dynamic could tighten overall financial conditions influence credit spreads and increase cross-asset volatility. For fixed income managers, the shift underscores the need to reassess curve exposure, liquidity positioning, and sensitivity to policy signaling.

MAS Launches Grant to Catalyse Carbon Credit Ecosystem

Locally, the Monetary Authority of Singapore’s launch of a S$15 million Financial Sector Carbon Market Development Grant to accelerate financial institutions’ participation in the country’s growing carbon credit ecosystem. The initiative reinforces Singapore’s ambition to become a regional hub for high-integrity carbon trading and underscores MAS’s view belief that financial institutions—including banks, insurers, and asset managers play a pivotal role in scaling market infrastructure and liquidity.

While not directly tied to fixed income, the grant could catalyse ESG-labelled issuance and structured products linked to carbon pricing as corporates pursue decarbonization financing. Over time, this may broaden the local sustainable finance toolkit through instruments such as transition bonds, carbon-linked notes, or hybrid structures embedding environmental performance triggers. The move highlights MAS’s continued focus on innovation and transparency—key enablers of investor confidence and sustainable capital formation.

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This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.

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The 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 Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. This advertisement has not been reviewed by the Monetary Authority of Singapore.

FATCA NOTICE

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.

PCM will be obliged to comply with the provisions of FATCA under the terms of the inter-governmental agreement (“IGA”) Model I between the U.S. and Singapore and under the terms of Singapore’s subsidiary legislation which will be issued pursuant to Singapore’s Income Tax Act (Cap. 134) to implement the IGA. “FATCA” or “Foreign Account Tax Compliance Act” means Chapter 4 (sections 1471 to 1474) to Subtitle A of the U.S. Internal Revenue Code.

“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;

(ii) any actual or proposed assignee or transferee of any of PCM’s rights and obligations or any actual or proposed delegate of any of PCM’s functions and duties under its contractual relationship with you;

(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;

(ix) any person in order to give effect to any instruction from you or any person acting or purporting to be acting on behalf of you;

(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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This Website, its services and contents are provided for your use by PhillipCapital, which is a group of companies who together offer a full range of financial services to retail, corporate and institutional customers. Member companies in Singapore include Phillip Securities Pte Ltd, Phillip Securities Research Pte Ltd, Phillip Financial Pte Ltd, Phillip Nova Pte Ltd, Phillip Capital Management (S) Ltd, Phillip Private Equity Pte Ltd, Phillip Japan Fund Management Pte Ltd, CyberQuote Pte Ltd, IFS Capital Limited and ECICS Limited. Member companies can otherwise be identified by their authorised use of PhillipCapital brand name along with their own name in their documentation and literature.

 

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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.