Weekly Outlook

Market Commentary – July 2026

Market Commentary – July 2026

EQUITY MARKET UPDATE

Source: Bloomberg (Total Return in USD/Local Currency terms)

U.S. equities were flat aggregately while the AI complex came apart underneath. The S&P 500 finished essentially unchanged (-0.1% MTD) and the Dow edged higher (+0.4% MTD), but the Nasdaq fell for a second straight month (-3.2% MTD) as the AI monetization skepticism that surfaced in June hardened into active de-risking. The macro backdrop improved on both counts that matter, with inflation falling and an accelerating manufacturing activity, yet the long end of the curve sold off regardless. In short, growth was fine and inflation was cooling. What was repriced was the multiples investors were willing to pay for AI narrative rather than AI earnings.

Europe was the quiet winner, with all three major markets advancing. UK equities (+3.6% MTD) led, as the market’s light exposure to AI winners, a handicap for most of 2026, turned into an asset once capital began rotating out of crowded chips and Hyperscaler-linked trades. German equities (+2.5% MTD) more than recovered June’s decline, supported by a further manufacturing expansion and by the index’s industrial and value tilt. French equities (+1.3% MTD) extended their gains more modestly after leading the region in June. Valuation remains the region’s underappreciated support, with the DAX (17.6x), CAC (18.2x), and UKX (16.0x) all trading above their 10-year averages but nowhere near the stretched territory occupied by the S&P 500.

APAC produced by far the widest dispersion of any region, effectively splitting into an AI complex that broke and a value complex that re-rated. South Korea’s KOSPI (-22.2% MTD) was the epicenter, unwinding the leveraged chip and AI positioning that had built through the first half and that still leaves the index up 57.5% YTD even after July’s collapse. Japan followed, with the Nikkei 225 (-8.1% MTD) surrendering a large part of its record run as the semiconductor and robotics names that drove June’s rally reversed. On the other side, China and Hong Kong (+9.0%/+13.5% MTD) were the strongest markets globally, re-rating off deeply discounted valuations and a year of underperformance, despite a manufacturing PMI that slipped back into contraction and a falling Li Keqiang Index, making this a positioning and policy-expectation rally rather than one grounded in activity data. ASEAN (+7.4% MTD) and Singapore (+9.1% MTD) also had exceptional months, with the STI steadily climbing up to 24.0% YTD, on the back of its defensive, income-heavy composition.

Source: Bloomberg (Total Return in USD terms)

July extended June’s rotation but changed its winner, with Cyclicals as a group (+2.0% MTD) outperforming Sensitives (+1.7%) and Defensives (+0.8%), and all three style groups finishing positive even as the index itself was flat. At the sector level, Energy (+12.6% MTD), Financials (+6.2% MTD), Real Estate (+2.5% MTD), and Healthcare (+2.4% MTD) led. Energy outperformed by a wide margin and now sits +34.7% YTD, rallying as the post-ceasefire complacency in crude unwound and as markets began pricing the power and fuel intensity of the AI buildout into upstream and midstream earnings rather than only into equipment makers. Financials extended June’s gains on a curve that bear-steepened rather than flattened, a considerably more constructive shape for net interest margins. Real Estate and Healthcare both benefited from the continued rotation into income and defensive earnings.

On the other end, InfoTech (-3.4% MTD), Industrials (-3.0% MTD), Utilities (-2.2% MTD), and Materials (-1.7% MTD) lagged. InfoTech extended its slide as the AI trades stress test moved from a sentiment overhang to an active positioning decision, though the sector still carries room for further multiple compression. Industrials gave back all of June’s outperformance, a reversal sharp enough to suggest that June’s gain was itself rotation-driven rather than a durable re-rating of the AI infrastructure trade. Utilities fell despite the defensive bid elsewhere, weighed down by the rise in yield, while Materials slipped on softening Chinese activity data.


Source: Bloomberg (Total Return in Local Currency terms)

Global REIT markets extended June’s gains despite a meaningfully higher long end, as the rotation into income and value more than offset the rise in long-term yield. UK REITs (+5.7% MTD) led globally for a second consecutive month, with Thailand (+4.6% MTD) and France (+4.1% MTD) also posting strong gains. US REITs (+2.3% MTD) advanced again and now lead the group at +20.3% YTD, benefiting from the same rotation out of crowded AI/growth trades. Japan (+3.0% MTD) rebounded, while Germany (-3.1% MTD) and Malaysia (-4.0% MTD) were the clear laggards. That REITs rallied into rising long-end yields is itself informative, as the bid was for the income characteristic rather than for a duration trade.

The investment case for S-REITs (+3.3% MTD) strengthened in July, with the sector delivering its strongest month of the year while still trading below book. The sector trades at ~0.97x Price-to-Book, still a discount to underlying asset values, while offering a 4.9% dividend yield and a 2.5% yield spread. Fundamentals across key subsectors remain resilient. Industrial S-REITs continue to benefit from logistics modernization, e-commerce penetration, and accelerating AI-linked DC demand, while Retail REITs deliver healthy rental reversions on resilient consumer spending and limited new supply. Balance sheets remain well-managed, with gearing stable and debt maturities well-laddered, though a further back-up in long-end yields is now the clearest risk to the sector’s relative valuation case.

EQUITY MARKET OUTLOOK

Rates Backdrop and Market Sentiment:


Source: Bloomberg.

Volatility signals turned complacent even as the market beneath them fractured. The VIX slipped further to 16.0% (-46 bps MoM), below both its 3-month (17.4%) and 1-year (18.1%) averages, while the SKEW index fell 8.4 points to 141.2, back below both trailing averages after June’s spike. That combination is striking, because in a month that delivered a 22% drawdown in a major developed market and a second consecutive monthly loss for Nasdaq, investors reduced rather than increased their tail-risk protection. The most plausible reading is that the AI unwind was treated as a contained, positioning-driven event rather than a systemic one. It also means the market carries less downside insurance into August than it did entering July, at precisely the point where dispersion is at its widest.

Treasury yields rose again, but the shape of the move inverted June’s. The Fed held the funds rate at 3.6% for a fourth consecutive month, and with inflation cooling sharply the front end barely moved, the 2Y rising just 12 bps to 4.3%. The long end did the work, with the 10Y up 27 bps to 4.7%, well above its 1-year average of 4.3%. That bear-steepening widened the 10Y-2Y spread by 15 bps to 0.4%, reversing June’s compression to a one-year low. A curve that steepens from the back end while inflation prints are falling is not a Fed-expectations story. It points to term premium, some combination of issuance, softer foreign demand, and diminished conviction that the long end deserves to trade this close to the policy rate.

Credit widened on both measures for the first time in months, and that deserves more attention than the levels themselves suggest. The IG-Treasury spread reversed its tightening trend, widening 12 bps to 1.6%, while the Global HY-IG spread widened a further 5 bps to 2.0%, now above its 1-year average. June’s HY widening could reasonably be dismissed as noise while IG was still tightening, however, July’s simultaneous move in both cannot. The magnitudes remain small and neither series is anywhere near stress levels, but this is precisely the sequence one would expect if a test on AI trades that hit equity multiples in June and July were beginning to be priced into the debt funding the buildout.

Macroeconomic Trends and Signals:


Source: Bloomberg.

Inflation cooled decisively, finally delivering the disinflation the Fed had been waiting for. Headline CPI fell to 3.5% YoY (-70 bps) and Core CPI eased to 2.6% YoY (-30 bps), now below its 1-year average of 2.7%. PCE inflation, the Fed’s preferred gauge, fell to 3.3% YoY (-13.5 bps), reversing June’s move away from target, while headline PPI collapsed to 6.7% YoY from 8.8% and Core PPI eased to 3.6%. A meaningful part of this is the mechanical unwind of the oil-driven shock from the Iran conflict now fully flowing through, but the breadth of the improvement across core measures suggests the disinflation is not purely an energy base effect.

Global activity accelerated rather than softened, which is the more important half of the story. ISM Manufacturing jumped to 55.6 from 53.3, well above its 1-year average of 51.1, while the Eurozone manufacturing PMI advanced to 51.9 and the global composite PMI held at 52.0. OECD composite leading indicators for both the U.S. (129.6) and the world (124.3) continued trending above their 1Y averages. The clear exception was China, where the manufacturing PMI slipped back into contraction at 49.2 and the Li Keqiang Index fell sharply to 4.74 from 5.73, a divergence worth noting against the strength of Chinese equity markets in the same month.

Taken together, July delivered a genuinely favorable macro combination of falling inflation, accelerating activity, and no recession signal in any leading indicator, and equity markets still went nowhere at the index level. That tells us the binding constraint on returns is no longer macro. It is valuation and concentration on a single theme, and July was the month the market began resolving that constraint by moving money rather than by selling everything. The two signals that did deteriorate, long-end yields and credit spreads, are also the two that will matter most if the AI unwind ever moved from a positioning problem to a funding one.

Outlook: The Rotation Trade – Good Macro, Crowded Positioning, Widening Dispersion

June’s question became July’s answer. The AI monetization skepticism that surfaced as a wobble in June was resolved in July not through a broad market decline but through a violent reallocation of capital, and the scale of the moves is without precedent in this cycle: a 22% drawdown in Korea, an 8% fall in Japan, a 13% gain in Hong Kong and a 9% gain in Singapore, all in a month where the S&P 500 finished flat. This is what the unwind of a crowded, leveraged, geographically concentrated trade looks like when the underlying macro is healthy. The money does not leave the market, it changes address. That distinction matters for positioning, because it argues for reducing concentration rather than reducing equity exposure.

The macro case for equities improved in July on essentially every measure we track. Inflation fell across the board while manufacturing activity accelerated with leading indicators stayed above trend and the Fed is now closer to being able to cut than at any point this year, having held for a fourth consecutive month while inflation moved toward target. Against that backdrop the sell-off in the long end is the discordant note. A rise in the US 10Y in a month of falling inflation prints is a term-premium move, and term premium is the one variable that pressures long-duration growth equities and income sectors simultaneously. Whether it persists into August matters, because a curve that keeps steepening from the back end will eventually cap the rotation into REITs and Utilities that have been absorbing the flows out of technology.

The AI trade is not over, but its geography and its leverage have both been reset. Korea and Japan absorbed the losses because that is where positioning was most crowded and most levered, not because the semiconductor cycle turned. AI hardware earnings have continued to hold up, and InfoTech is still up 15.7% YTD even after two consecutive down months. What has changed is that investors are no longer willing to pay a premium multiple for exposure to the theme without visible earnings attached to it. Credit is starting to agree, and the simultaneous widening in IG and HY spreads in July is the first time both have moved together, which deserves to be watched as a leading indicator rather than dismissed as noise.

Against this backdrop, staying invested in the AI theme remains the right call, but the case for holding it through more diversified geographies and further down the value chain has strengthened materially. The strength in Energy, Financials, and the ASEAN and Greater China markets is not a defensive rotation; it is capital finding cheaper exposure to the same secular demand. We are also less comfortable than in June with the level of protection embedded in the market, with both the VIX and SKEW now below their trailing averages after a month that delivered a 22% single-market drawdown and would keep tail-risk hedges on despite their falling cost. The next real catalyst is most likely to be a Hyperscaler earnings or guidance print that either validates or breaks the monetization case, or a further back-up in long-end yields that forces the market to reprice growth and income at the same time.

FIXED INCOME UPDATE 

Source: Bloomberg; Returns are presented in USD terms

Source: Bloomberg; Returns are presented in USD terms

Global bonds endured a difficult July as long‑end US Treasury yields rose sharply, driven by renewed energy volatility from the Iran war. Oil prices spiked mid‑month, reigniting inflation fears and pushing yields higher across the curve, with the long end bearing the brunt. This repricing hit global benchmarks broadly: the US Aggregate Corporate Bond Index was the weakest performer, slipping by more than –1%, while the Pan‑Euro Aggregate and Emerging Market USD Aggregate also posted losses. The SGD Overall Index declined again, pressured both by global yield spillovers and the strong USD translation effect. Notably, MAS did tighten policy slightly by increasing the slope of the S$NEER band, reinforcing its inflation‑control stance, though the width and center of the band were left unchanged. The only bright spots were short‑dated indices such as the US 1–3 Year IG and US 1–3 Year High Yield which eked out slight gains, underscoring their defensive appeal in a rising‑yield environment.

 

On a year‑to‑date basis, however, the scoreboard still shows resilience. The US 1–3 Year High Yield Index remains the leader, approaching +2% YTD, highlighting the steady carry advantage of short‑duration high yield. The US 1–3 Year IG Index follows closely, also in positive territory, while the Emerging Market USD Aggregate and Pan‑Euro Aggregate continue to hold respectable gains despite July’s setback. The SGD Overall Index, though dented in recent months, remains positive YTD, reflecting Singapore’s credit strength over the longer horizon. By contrast, the US Treasury Index continues to lag, weighed down by persistent inflation expectations and fiscal supply pressures, while the Global Aggregate has delivered only marginal gains.

 

Cracks in the US Credit Façade

The Fed’s credibility gap was the headline driver in July, but beneath that, dysfunction in the high‑grade bond market and the AI debt binge added layers of fragility. Warsh’s reluctance to act despite inflation persistence left investors demanding higher compensation for long‑duration Treasuries, steepening the curve. Yet the sell‑off was compounded by signs that the plumbing of the bond market itself is under strain. The New York Fed noted rising dysfunction in high‑grade trading, with liquidity thinning and price discovery faltering which is a worrying development at a time when issuance remains heavy.

 

At the same time, Bloomberg highlighted how hyperscalers are pushing debt markets to their limits. More than $570 billion of AI‑related debt has been raised since 2025, often through off‑balance‑sheet structures and circular financing. July’s $12.5 billion BlackRock bond for a Meta data center priced at 7.53%, one of the highest yields for an A‑rated jumbo deal in years, and demand was tepid at just 1.6 times oversubscribed. Credit‑default swaps on names like Meta, Oracle, and Alphabet jumped, reflecting investor unease. These deals, once oversubscribed four times over, now struggle to clear, underscoring how the AI borrowing binge is colliding with tighter liquidity and higher costs.

 

Taken together, July exposed a dual vulnerability: policy credibility at the Fed and structural stress in credit markets. Investors are not only questioning whether the Fed will act, but also whether the market can absorb the scale of issuance from both sovereigns and corporates without breaking down. The dysfunction in high‑grade trading and the cracks in AI‑linked debt demand suggest that the bond market’s resilience is being tested on multiple fronts.

 

Panda Bonds as a Bastion of Stability

In a recent July 2026 article “Why German issuers are turning to China’s panda bond market in 2026,” Deutsche Bank highlighted a notable trend this year involving European corporates and sovereigns increasingly tapping panda bonds as a stable alternative to G3 markets. What began as a channel for German corporates has broadened to include sovereigns such as Hungary, Poland and Slovenia reflecting how the appeal of RMB financing now extends well beyond the corporate sphere.

 

The attraction is clear. Panda bonds have been consistently oversubscribed, offering competitive coupons compared to the rising yields in G3 markets. For corporates with significant Chinese operations, RMB debt provides a natural hedge against local revenues, while sovereigns gain access to a deep investor base eager for RMB exposure. More broadly, interest in the Chinese onshore bond market has grown as global investors seek diversification, with issuance volumes surpassing one trillion RMB by mid‑2026.

 

This shift underscores a global rebalancing of trust. While Western markets wrestle with credibility questions and structural stress, China’s managed policy environment and steady investor demand have positioned panda bonds as a credible alternative anchor. For issuers, they offer predictable access and currency alignment; for investors, they provide diversification and a hedge against volatility elsewhere. The panda bond market is no longer a niche experiment — it is becoming a mainstream pillar in the global funding landscape.

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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.

Important Information

By accessing and using this website (the “Website”) and any web page hereof, you agree to be bound by the terms and conditions below. Reference to these general terms of use should be made each time you access and use the Website.

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 (“PCM”),Phillip Private Equity 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.

 

Use of Information and Materials

The materials and 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, and are not obligations of, deposits in, guaranteed or insured by PCM or any of its subsidiaries, associates, affiliates or Participating Dealers (“PDs”). 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. There can be no assurance that investment objectives will be achieved.

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.

The value of the units and the income accruing to the units may fall or rise. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for disclosure of key features, key risks and other important information of the ETF and obtain advice from a financial adviser (“FA”) before making a commitment to invest in ETF. A copy of the Prospectus and PHS are available from PCM or any of its PDs.

The ETF is not like a typical unit trust as it is intended for the units of the ETF (the “Units”) to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its net asset value (“NAV”) or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units can be done through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus for more details.

The regular dividend distributions, either out of income and/or capital, are not guaranteed and subject to PCM’s discretion. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the NAV of the ETF. Past payout yields (rates) and payments do not represent future payout yields (rates) and payments. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.

Any use of financial derivative instruments will be for hedging and/or for efficient portfolio management. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the ETF.

The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.

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

This 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 ETF is not offered to U.S. Persons.

The information provided herein is based on certain information, conditions and/or assumptions available as at the date of this publication that may be obtained, provided or compiled from public and/or third party sources which PCM has no reason to believe are unreliable; and may contain optimistic statements/opinions/views regarding future events or future financial performance of countries, markets or companies. 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. You must make your own financial assessment of the relevance, accuracy and adequacy of the information in this material.

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

 

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.