Stocks rebound as trade tensions ease: Weekly Market Recap

We’ve got something new to share. Beansprout now has a podcast!

As markets get more uncertain, we’ve been finding more ways to stay connected with you. Beyond our regular updates, we wanted a space for deeper conversations about the ideas, trends, and questions we all face on our investing journeys.

That’s where the podcast comes in. It’s a chance for us to share honest reflections and hear from different voices. 

You’ll get to know the Beansprout team better, and we’ll also be inviting guests to bring fresh perspectives on the markets and beyond. 

In the first episode, we discuss how we are reacting to the US trade tariffs, and share some practical tips to deal with the market uncertainty. Watch the first episode here. 

Likewise in our latest Money Diaries, our guest Sophia shares how investing is a way for her to pursue her creative aspirations, and for personal growth and stability. It's once again a reminder that financial goals aren’t just about numbers, but ultimately what is most important to us. Read the money dairies interview here. 

We hope these conversations will inspire you to think more deeply about what you are investing in, and why these investments matter to you. 

We’d love to hear your thoughts. And if there’s a topic you want us to cover in future episodes, just let us know.

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

✅ Some signs of easing in trade tensions 

What happened? 

U.S. Treasury Secretary Scott Bessent said the ongoing tariff standoff with China is unsustainable and signaled that he expects tensions to ease.

Separately, U.S. President Donald Trump said in an interview with Time magazine that he anticipates wrapping up trade deals with U.S. partners seeking lower tariffs within three to four weeks.

Adding to signs of potential de-escalation, Bloomberg reported that policymakers are considering suspending the 125% tariff on certain U.S. imports.

What does this mean?

Signs of a potential de-escalation in the trade war offered some relief to investors worried about the impact of tariffs.

Sentiment also improved after President Donald Trump appeared to walk back his threat to fire Federal Reserve Chair Jerome Powell.

Adding to the optimism, a Federal Reserve official signaled that a rate cut could come as soon as June, reviving hopes for looser monetary policy.

According to latest market expectations, investors are expecting four rate cuts for the rest of 2025. 

Why should I care? 

The S&P 500 climbed higher supported by strong corporate earnings. According to FactSet data, 73% of companies that had reported first-quarter results by Friday morning beat consensus expectations.

US bond yields fell, and the Singapore 6-month T-bill yield eased to 2.38% in the latest auction. 

In Singapore, stocks continued to recover as investors sought stability amid the ongoing market uncertainty.

However, not all sectors fared well. Selected REITs, including Mapletree Logistics Trust, saw declines after reporting weaker-than-expected earnings.

🚗  Moving This Week

• Keppel net profit rose more than 25 per cent for the first quarter ended March, driven by improvements in its real estate and asset management arms. Keppel also reported asset monetisations of S$347 million to date in 2025, mostly from divestments of real estate assets in China and Vietnam. Read more here.
• Yangzijiang Shipbuilding’s share price surged on Monday after the US watered down its initial proposal of slapping fees on China-built ships. Yangzijiang had initially tumbled in February after the United States Trade Representative’s office proposed imposing a fee of up to $1.5 million per port call on China-built vessels entering US ports. Read more here.
• Mapletree Logistics Trust (MLT) reported a distribution per unit of 1.955 cents for the 4QFY2025 ended March 31, 2025, down 11.6% year-on-year. This is due to lower contribution from existing properties in China, absence of revenue contribution from divested properties and effect from depreciation of various currencies against the Singapore dollar. Read more here.
• Mapletree Pan Asia Commercial Trust's (MPACT) reported a distribution per unit of 1.95 cents for 4QFY2025 ended March 31, 2025, down 14.8% year-on-year. This is due to the absence of Mapletree Anson's contribution following its divestment in July 2024 and lower overseas contributions. Read more here.
• CapitaLand Integrated Commercial Trust reported a net property income (NPI) of S$291.5 million for its first quarter of FY2025, a 0.8% year-on-year decline. The marginal decline in NPI were largely the result of the absence of income from 21 Collyer Quay, an office building that CICT divested in November 2024. Read more here.
• Frasers Centrepoint Trust (FCT’s preferential offering was 24.8 per cent oversubscribed. The manager received applications for 122,584,803 preferential offering units, against the 98,185,673 units offered. Read more here.
• Suntec REIT distribution per unit (DPU) rose by 3.4 per cent to 1.563 Singapore cents for its first quarter ended Mar 31, 2025, from 1.511 cents in the same period a year earlier. Net property income rose 5 per cent on the year to S$77.1 million for the quarter, as all properties with the exception of 55 Currie Street, Adelaide registered stronger operating performance. Read more here.
• Paragon REIT unitholders have voted in favour of the Trust Scheme of Arrangement to privatise and delist Paragon REIT at the EGM and Scheme Meeting held on 22 April. Following the approval by Paragon REIT unitholders, the expected last day of trading of Paragon REIT is expected to be on or around 14 May 2025. Read more here.
• Parkway Life REIT reported a distribution per unit (DPU) of 3.84 cents in 1Q 2025, a 1.3% increase compared to 1Q 2024. Parkway Life REIT’s net property income increased by 7.5% year-on-year in 1Q 2025, due to contribution from one nursing home acquired in Japan in August 2024 and eleven nursing homes acquired in France in December 2024. Read more here.
• Keppel Infrastructure Trust (KIT) reported underlying 1QFY25 Distribution Income (DI) of $45.5 million, down 31.9% year-on-year. Read more here.

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

Trump Tariffs Cause Market Turmoil. What Should You Do? Beansprout Podcast EP1

In our first podcast episode, we shared our personal reflections on Trump's tariffs and what this means for long-term financial planning.

🤓 What we're looking out for next week

• Monday, 28 April: CapitaLand Ascott Trust, CapitaLand Ascendas REIT earnings, UOB, Keppel ex-dividend
• Tuesday, 29 April: Frasers Centrepoint Trust, First REIT, Stoneweg European REIT, Starhill Global REIT earnings, ST Engineering, Starhub ex-dividend
• Wednesday, 30 April: Mapletree Industrial Trust, CapitaLand Investment, CDL Hospitality Trust, Elite UK REIT earnings, Mapletree Logistics Trust, Sembcorp Industries ex-dividend
• Thursday, 1 May: Singapore Public Holiday
• Friday, 2 May: CapitaLand Investment, Sheng Siong, Suntec REIT ex-dividend 

Get the full list of stocks with upcoming dividends here. 

Source: SGX, Bloomberg, Refinitiv

Join the Beansprout Telegram group and Facebook group for the latest insights on Singapore stocks, REITs, bonds and ETFs.