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Weekly Outlook

Market Commentary – September 2025

Market Commentary – September 2025

EQUITY MARKET UPDATE

Source: Bloomberg (Total Return in USD terms)

The equity market momentum continued in September, with the S&P 500 delivering +3.0% MoM return, underpinned by growing expectations of monetary easing and AI/tech-led earnings. The tech-heavy NASDAQ Composite (+5.7% MoM) outperformed value as loosely represented by the DJIA (+2% MoM). The Fed’s mid-September 25 bps cut materially shifted market positioning toward duration and growth, and its guidance kept the door open to further easing if incoming data soften. Cooling momentum in the U.S. market together with moderating inflation readings, has helped sustain the view that policy could be eased without reigniting inflation. Corporate earnings have also broadly beat expectations, with outsized strength concentrated in AI-exposed software, semiconductor and tech-infrastructure names, reinforcing the leadership of growth and tech into month-end.

Small-Caps (+2% MoM) lagged Large-Caps (+3.3% MoM) while emerging markets performance gained momentum (+7.2% MoM and 28.2% YTD), driven by the inflows into Chinese equities. In Europe, performance was mixed with France (+3.1% MoM) 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 (+35/7% YTD) that have reported the best YTD performance among developed markets so far.

Closer to home. North Asia and ASEAN equities saw varied but generally positive returns. China/HK (+9.8%/+7.8% MoM) and South Korean (+6.4% MoM) outperformed while most others including Singapore were rather flat MoM. China and SK equities rallied on signs of policy support (monetary and fiscal), infrastructure spending, and cyclical/tech exposure.

Source: Bloomberg (Total Return in USD terms)

Within the S&P 500, growth sectors such InfoTech (+7.2% MoM) and Comm Services (+5.6% MoM) performed the best driven by the continued momentum of tech stocks. Utilities (+4.2% MoM) also relatively did better, likely due to attractive valuation level, coupled with the anticipation of an industry-wide gains from AI/Data Center electricity demand.

On the other hand, uncertainty on U.S. trade policy/tariffs impacts, weak consumer confidence data, and a general outlook for an economic slowdown have resulted in Materials (-2.1% MoM) and Consumer Staples (-1.6 MoM). Energy (-0.4% MoM) also underperformed in light of a supply-demand surplus expected in the short-term. 

Source: Bloomberg (Total Return in Local Currency Terms)

Global REITs reported mixed MoM performance in September, with top performers being Thailand (+5.6% MoM) and UK (+1.3% MoM). The performance was driven falling interest rate environment, providing demand 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% yield spread, the second-highest globally, and trading at a fair 0.98x 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 continued to recede in September, with the CBOE VIX declining to 16.1% (-60 bps MoM). This sits just below its T3M average (16%) and well under its T1Y average (~19%), underscoring that investors’ confidence (or complacency) amid ongoing strength in corporate earnings and elevated excitement around AI-driven productivity. In parallel, credit markets also showed resilience. The global high yield minus investment-grade (HY–IG) spread tightened to 1.9% (-9 bps MoM), reflecting sustained risk appetite even with macro growth uncertainties still in play.

Yields shifted lower across the yield curve, with the US 2Y Treasury yield down -34 bps MoM to 3.6% and the 10Y also lower by -15 bps to 4.1%, reflecting softer inflation prints and market positioning for eventual Fed easing. The 10Y-2Y spread widened modestly to 0.5% (+10 bps MoM), marking a bull-steepening of the yield curve. The Fed Funds Rate has also fallen by 24 bps to 4.1% in-line with the Fed’s 25 bps rate cut in the same month. A bull-steepening (i.e. short yields falling faster than long yields) typically suggests expectations of more accommodative monetary policy ahead, but it can also reflect market cautious positioning into shorter maturities as a hedge against growth risk or recession fears. In other words, investors may be signaling that further easing is expected, but only if growth falters enough to force the Fed’s hand.

Overall, markets continue to balance optimism for a soft landing with repricing risks tied to shifting rate expectations. The fall in volatility and tighter spreads point to robust investor confidence, but volatility often rebounds sharply when inflation surprises upward again or geopolitical shocks emerge. The yield curve is not dramatically steep yet, so while markets are leaning toward an easing narrative, they’re not fully pricing in aggressive cuts.

Inflation Remains Sticky, While Global Growth Shows Early Signs of Stabilization

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 outside the U.S. Core CPI stayed at 3.1% YoY led by shelter costs and tariff-driven import prices. The Fed’s preferred gauge, Core PCE, remained rather flat at 2.9% YoY, still anchored above central bank 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 has also started picking up with the ISM Manufacturing PMI rising to 48.7 (+70 bps MoM), although it is still in the ninth-straight month of contraction and underscoring persistent industrial softness. This divergence of strength in services, coupled with weakness in manufacturing is now a recurring pattern across many advanced economies.

Sticky inflation will likely keep the Fed restrained and data-dependent, as policymakers remain cautious about committing prematurely to rate cuts until disinflation proves more durable. The modest rebound in manufacturing may indicate that industrial weakness is approaching a trough, with improving demand from China and Europe potentially supporting a mild recovery. However, macro-economic risks such as tariff pass-throughs, higher energy or commodity prices, and sustained wage pressures could all reignite inflationary surprises. As such, overall growth resilience will hinge on the continued strength of services and consumer spending, as well as the extent to which external demand can offset persistent softness in the manufacturing sector.

Constructive Medium-Term Outlook Anchored by AI Momentum, Despite Inflation and Policy Risks

Equity markets continue to look constructive in the near to medium term, underpinned by AI-led corporate earnings. The outsized performance and forward guidance from leading tech and AI-related firms have reinforced confidence in technology’s growth premium, while broader capex beneficiaries help provide earnings support beyond just software and platforms. At the same time, emerging signs of a weaker economic outlook and cooling U.S. labor market may help temper inflation pressures and clarify when rate cuts become viable. Looking out into the longer term, the outlook for global equities remains cautiously optimistic, but with elevated risks. Continued broadening of equity participation outside the U.S. mega-caps (e.g. small and mid-caps in Europe and Asia) could help diversify returns and reduce concentration risk, emphasizing the importance of equities beyond the “Magnificent Seven” as valuations skew toward those few mega-tech names.

However, structural challenges persist. Elevated valuations in AI-driven names, alongside rising political interference and potential threats to central-bank independence, could heighten market volatility, particularly if confidence in the Fed’s policy credibility weakens. Markets remain highly sensitive to any perception of premature policy easing or diminished central-bank autonomy, underscoring that while the equity outlook is constructive, it rests on a fragile foundation of trust in policy discipline and macro stability.

CHINA EQUITY MARKET UPDATE

September brought a mix of muted economic momentum, encouraging policy signals and continued positive market sentiment as investors weighed recent economic data against expectations for further stimulus.

Externally, attention remained on the evolving US–China trade negotiations. The two sides had earlier announced that the tariff truce—originally set to expire in August—would be extended for another three months, with both parties citing “constructive progress” on tariff rollbacks and technology export conditions. The United States also formally confirmed the easing of curbs on certain semiconductor design tools and high-end AI chip exports, a move that helped stabilize sentiment in China’s technology sector. At the same time, global investors continued to monitor or potential shifts in trade rhetoric that could affect China-related assets.

Domestically, China’s August macro data painted a mixed picture. Industrial production growth eased slightly to 5.2% year on year, while retail sales expanded by 3.4%, reflecting subdued consumer sentiment. Exports was up 4.4% year on year, also a relatively subdued number. The People’s Bank of China kept its key lending rate — the one-year loan prime rate— at record lows for a fourth straight month in September, in line with market expectations, against a backdrop of weakening domestic momentum.

In late September, the State Council reaffirmed its focus on fostering high-quality growth and improving corporate profitability in manufacturing. Policymakers also reiterated their intention to address industrial overcapacity and support private enterprise financing, echoing earlier efforts to curb destructive internal competition (“involution”) across key sectors such as electric vehicles and solar energy.

Looking ahead, attention will turn to the Fourth Plenum meetings scheduled for October, where the framework for the upcoming 15th Five-Year Plan is expected to be outlined. Markets will watch closely for details on industrial upgrading, fiscal reforms, and measures to boost domestic demand.

The MSCI China A 50 Connect Index posted a strong gain of 5.1% in September, supported by broad-based strength in a number of sectors including technology, materials, energy and consumer discretionary. The market has been strong year to date in 2025, despite mixed macro data and global policy uncertainty. Flows into emerging markets in the wake of a weak US dollar have benefited major countries in this category such as China. Low interest rates have also been a strong tailwind, as returns from alternative investment instruments such as fixed income pale in comparison in such an environment, while real estate undergoes a secular bear 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 September, with most major indices delivering modest gains. Long-end yields declined slightly over the month, providing a tailwind for duration-heavy benchmarks indices. The US 10-year Treasury yield ended September around 4.2%, down from intra-month highs, while the 30-year yield settled at 4.7%. This move was driven not so much by disinflation as the Federal Reserve’s evolving policy stance. Fed Chair Jerome Powell described the September rate cut as a “risk-management” measure to address labour market weakness and elevated uncertainty. Markets interpreted this as a signal of further easing ahead, helping anchor long terms yields and drive additional curve flattening.

Credit-oriented indices outperformed in September, led by the US Aggregate Corporate Bond Index and the Emerging Market USD Aggregate Index. Stable credit spreads and improving risk sentiment supported carry strategies, particularly in USD-denominated assets.

In contrast, the SGD Overall Index was the sole laggard on a one-month basis in USD terms, despite its strong year-to-date performance. This underperformance was driven primarily by FX translation effects, as the Singapore dollar weakened against the US dollar toward the month-end, eroding USD-based returns.

Year-to-date, the SGD Overall Index remains the top performer, with gains approaching 15%, supported by resilient local credit conditions and favourable duration exposure. Emerging Market USD debt and US corporate bonds have also delivered strong returns, while the Pan-Euro Aggregate Index continues to lag, weighted down by persistent rate volatility and ongoing macroeconomic uncertainty across the eurozone.

From Shutdowns to Sovereigns: Global Rebalancing in a Fragile Fiscal Era

One of the more consequential developments in September was the growing tension between U.S. fiscal policy and global debt market dynamics. As Congress scrambled to avert a government shutdown, investors were reminded of the structural vulnerabilities underpinning the Treasury’s funding strategy. Although a short-term continuing resolution prevented immediate disruption, the episode highlighted the reputational cost of repeated brinkmanship and reignited concerns about long-term debt sustainability.

Compounding these concerns was the Treasury’s increasing reliance on short-term bill issuance. With fiscal deficits widening and refinancing needs accelerating, the front end of the curve experienced a surge in supply—raising questions about rollover risk and the resilience of demand under tighter liquidity conditions. Although recent auctions were well-covered, the skew toward shorter maturities risks artificially steepening the front end of the curve, as excess supply pushes short-dated yields higher relative to intermediate tenors. This dynamic complicates curve positioning and benchmark tracking for institutional investors, particularly those managing duration-sensitive mandates.

Against this backdrop, global investors have begun rebalancing exposure toward non-U.S. sovereign markets. Canada saw a notable increase in foreign issuance, with supranational and corporates tapping into strong demand for CAD-denominated bonds amid its stable macro-economic and institutional environment. In Japan, foreign investors aggressively accumulated super-long JGBs, capitalizing on a twist-flattening of the yield curve driven by hawkish Bank of Japan signalling and easing fiscal concerns following political turnover. Meanwhile, Asian credit markets—including SGD-denominated bonds—continue to outperform on the year, buoyed by resilient local fundamentals, favourable duration profiles, and relative insulation from U.S. fiscal volatility.

Together, these flows reflect a broader recalibration in global fixed income allocation—where governance credibility, curve stability, and FX diversification, as investors navigate a more fragile fiscal era.

Important Information

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 provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.

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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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.