US stocks rally on tariff pause: Weekly Market Recap

As I was chatting with some colleagues about the US trade tariffs this week, a few shared how uneasy they’ve been feeling about the markets lately.

In moments like these, I’ve found that focusing on what I can control can be helpful in navigating uncertainty. Personally, I try to stay invested, but with a more defensive approach.

That might explain why we saw a rebound in demand for safer assets, with the cut-off yield for the 6-month Singapore T-bill falling to 2.5% p.a. We break down what this could mean for the upcoming 1-year T-bill auction.

With the share prices of Singapore REITs taking a hit this week, we look at three REITs now trading near multi-year lows to find out what is driving their share price weakness. 

To find out more about the prospects of Singapore REITs against this uncertain backdrop, join us for our upcoming webinar on 16 April. 

We also dive into some of the more defensive names in the Singapore market—Singtel, which has been raising its dividends in recent years, and Frasers Centrepoint Trust (FCT), which owns a portfolio of suburban retail malls in Singapore.

As this week’s Money Diaries guest reminds us, staying calm allows us the space to plan for the long term, while still enjoying the present. 

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

🏛 Continued tariff uncertainty despite pause 

What happened? 

US President Donald Trump announced a 90-day pause on higher reciprocal tariffs for most countries, effective immediately.

However, China was notably excluded from the pause. Instead, the US introduced a series of tariff increases on Chinese goods throughout the week, with rates reaching as high as 145%. 

In response, China imposed its own set of higher levies on US imports, with some tariffs rising to 125%.

What does this mean?

The 90-day pause in reciprocal tariffs offers some breathing room for trade negotiations, bringing temporary relief to investors.

However, tensions between the US and China continue to escalate. The rising trade conflict between the world’s two largest economies has renewed concerns about the potential drag on global growth.

At the same time, US government bond yields spiked sharply (bond prices and yields move in opposite directions), raising worries about demand for US government debt. 

Why should I care? 

The S&P 500 and Nasdaq soared following news of the pause in reciprocal tariffs. The Nasdaq jumped more than 12% on Wednesday, marking its second-best day on record.

In Singapore, markets fell sharply. Logistics REITs were among the hardest hit, as Mapletree Logistics Trust dropped 17.6%, while Frasers Logistics & Commercial Trust fell 12.0%. We dive into three REITs trading near multi-year lows to find out what is driving their share price weakness. 

Singapore banks also declined, with DBS down 11.9%, OCBC 9.7%, and UOB 8.4%, reflecting broader investor caution despite the temporary tariff relief.

🚗  Moving This Week

• DBS bought back 4.43 million shares cumulatively since its share buyback mandate was approved. This comes on the back of the lender’s S$3 billion share buyback programme announced in November 2024. Other Singapore-listed stocks that bought back shares include UOB, SGX, ST Engineering, Venture, City Developments, SIA, and Yangzijiang Shipbuilding. Read more here.
• Frasers Centrepoint Trust announced the launch of a preferential offering at S$2.05 per unit. This preferential offering will be made on the basis of 54 units for every 1,000 existing units held as at 5 pm on Apr 3, to raise gross proceeds of about S$421.3 million. Read our analysis here.
• ST Engineering announced that its urban solutions business secured a S$1.4 billion contract to provide turnkey rail services for Taiwan’s new Taichung mass rapid transit (MRT) Blue line. Read more here.

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

Is the 1-year T-bill better than the 6-month T-bill and fixed deposits?

The closing yield on the 1-year Singapore T-bill of 2.48% is close to the 6-month T-bill yield. However, investors of the 1-year T-bill may face lower re-investment risks.

🤓 What we're looking out for next week

• Monday, 14 April: Singapore MAS April 2025 Monetary Policy Statement, Goldman Sachs earnings
• Tuesday, 15 April: Citi, Bank of America earnings
• Wednesday, 16 April: 1-year Singapore T-bill auction, Beansprout webinar “What’s next for Singapore REITs?”
• Thursday, 17 April: Keppel DC REIT earnings, Netflix earnings
• Friday, 18 April: Singapore Public Holiday

Get the full list of stocks with upcoming dividends here. 

Source: SGX, Bloomberg, Refinitiv

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