1. UST yields declined modestly across the curve over the week. with the 5Y yield falling by ~5bps, while the 10Y declined by ~4bps and the 30Y by ~2bps.
2. SGS yields were range-bound mainly over the week, with modest declines in the belly and long end.
3. UST yields are likely to consolidate near current levels, with limited momentum to extend last week’s rally. Recent macro data point to a moderation in growth and easing inflation pressures, keeping policy expectations broadly stable. With no fresh catalyst to force repricing, near-term directional risk remains contained. In Singapore, upcoming November inflation data are expected to show further moderation in underlying price pressures. Short-term rates should therefore remain well anchored, with MAS bill auctions acting as a confirmation of stable front-end liquidity rather than a catalyst for repricing.

Investment Summary First Half Profit of HK$3.65 Billion, Essentially Flat According to Cathay Pacific Airways(CX) FY2025 interim results, it recorded revenue of HK$54.309 billion (HKD, the same below), a yoy increase of 9.5% for the first half of the year. However, profit growth was weak, primarily due to pressure on passenger yield and the expanded losses of its low-cost subsidiary. Net profit amounted to HK$3.651 billion, with a yoy increase of just 1.1%. Basic earnings per share (EPS) for ordinary...
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Overview The 361° brand was founded in 2003, with its brand positioning centered on "Professional + Youthful." It focuses on mid-price range product lines within the mass consumer market, covering multiple segments such as running, basketball, comprehensive training, children's products, and outdoor sports. The company consistently advances its "Single Focus, Multi Brand, Globalization" strategy. With the main brand 361° at its core, it is complemented by sub-brands including 361° Kids, 361° International Line, forming a multi-layered product matrix. Currently, 361°...
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