• UST yields moved sharply higher over the week, with the 2Y rising 10bps to 4.85%, while the 10Y and 30Y climbed 17bps to 5.16% and 5.49%, respectively. The sell-off accelerated after September’s flash composite PMI rose to 58.4, the strongest since July 2021, pointing to continued strength in US business activity.
• SGS yields edged higher over the week. 2Y rising 11bps to 1.93%, the 5Y up 5bps to 2.21%, and the 10Y increasing 4bps to 2.47%.
• Looking ahead, US core PCE and September payrolls will be the key drivers of USTs next week. Core PCE is expected to remain around 3.3% YoY in August, while payroll growth is expected to slow to around 100k from 162k previously.Domestically, the firmer inflation backdrop together with higher global rates is likely to keep some upward pressure on the front end. Attention will also turn to the S$1.3bn reopening of the15Y 2.25% SGS due Jul 2040, which will provide a fresh test of duration demand.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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