Stocks bounce while deposit rates fall: Weekly Market Recap

As we head into a new month, one hot topic that’s come up in the Beansprout community is “Where should I park my money now that rates are dropping?” (And nope, it's not about the General Election)

And honestly, I’ve been asking myself the same thing.

From 1 May, UOB One and OCBC 360 have both lowered their bonus interest rates. On top of that, the best fixed deposit rates this month have also come down. So if you’re trying to earn more on your spare cash, the options feel a bit more limited.

That’s why I’ve been reviewing the latest savings account rates to see what’s still competitive in May. We’ve also looked into what to expect for the next T-bill auction on 7 May, especially with yields falling recently.

At the same time, I’ve been exploring some dividend-paying stocks and REITs that may be seen to be less exposed to global trade tensions. This week, we dive into:

• Sheng Siong, which posted solid profit growth in Q1 2025
• Digital Core REIT, a pure-play data centre REIT

If there's one thing I’ve learnt, it’s that better yields are still out there if we’re willing to look. Also, building a diversified income portfolio helps us stay prepared, whatever interest rates do next.

Happy growing!

Gerald, Founder of Beansprout

⏰ This Week In Markets

✅ Further easing of trade concerns

What happened? 

US President Donald Trump has rolled back some of the tariffs on cars and auto parts, offering a glimmer of relief to markets. 

At the same time, US Commerce Secretary Howard Lutnick shared that a major trade deal is now “nearing the finish line”, which was seen as a sign that negotiations may be progressing towards a resolution.

What does this mean?

Investor optimism strengthened as US tech giants delivered upbeat earnings results. 

Facebook’s parent Meta and Microsoft both reported better-than-expected first-quarter revenue, helping to lift market sentiment.

Why should I care? 

The S&P 500 climbed for nine consecutive days, supported by easing trade tensions and stronger-than-expected corporate earnings.

Singapore’s market also saw gains, with the STI edging closer to its all-time high that is now just 4% away.

Stocks with China exposure, such as Hongkong Land and Yangzijiang Shipbuilding, led the rally amid improving sentiment.

🚗  Moving This Week

• CapitaLand Investment reported a total revenue of S$496 million for 1Q 2025, down 24% from S$650 million in 1Q 2024. Excluding the impact from the deconsolidation of CapitaLand Ascott Trust (CLAS) In December 2024, revenue remained stable from 1Q 2024. Read more here.
• CapitaLand Ascendas REIT portfolio occupancy fell to 91.5% in 1Q 2025 from 92.8% in 4Q 2025. Average portfolio rent reversion of 11.0% was recorded for leases renewed in 1Q 2025. Read more here.
• Mapletree Industrial Trust reported a distribution per unit (DPU) of S$0.0336 for the fourth quarter ended Mar 31, unchanged from the same period last year. Revenue fell slightly by 0.5% year-on-year due to non-renewal of leases in its North America portfolio and loss of income from divesting a cluster of factories in Tanglin Halt in March last year. Read more here.
• Frasers Centrepoint Trust (FCT) announced a distribution per unit (DPU) of 6.054 cents for 1HFY2025, for the six months from October 1, 2024 to March 31, 2025, up 0.5% y-o-y. This was driven by full six-month contribution from the acquisition of an additional 24.5% interest in NEX, and better performance from Waterway Point and NEX.
• CDL Hospitality Trust’s net property income (NPI) fell 14.2% to $30 million for the first quarter of its fiscal year ended March. Revenue declined by 2.8% year on year due to lower contributions from all markets apart from the UK and Japan. Read more here.
• Sheng Siong reported 1Q 2025 net profit of S$38.5 million, an increase of 6.1% from S$36.4 million in 1Q 2024. Read our analysis here.
• Stoneweg European REIT reported distributable income of €18.9 million in 1Q 2025, a 4.0% year-on-year decline compared to 1Q 2024. Read our analysis here.
• Elite UK REIT reported a 1Q 2025 distribution per unit (DPU) of 0.76 pence, representing a 9.6% year-on-year increase. Read our analysis here.
• IREIT Global reported portfolio occupancy rate excluding Berlin Campus of 88.7% as at 31 March 2025, increasing slightly from 88.5% as at 31 December 2024. Read our analysis here.
• Starhill Global REIT reported net property income of S$37.9 million in 3Q FY24/25, an increase of 0.5% year-on-year. Read our analysis here.
• First REIT reported distribution per unit (DPU) of S$0.58/unit for 1Q 2025, a decline of 3.3% year-on-year compared to 1Q 2024. Read our analysis here.

Source: Bloomberg, CNBC, Business Times, Edge Singapore

💡 The Big Important Story

Best savings accounts in Singapore with highest interest rates [May 2025]

We find out which are the best savings accounts in Singapore offering the highest interest rates in May 2025.

🤓 What we're looking out for next week

• Monday, 5 May: ComfortDelGro, Olam Group, Venture Corporation, Yangzijiang Shipbuilding ex-dividend
• Tuesday, 6 May: Frasers Hospitality Trust earnings, Seatrium, UOL Group ex-dividend
• Wednesday, 7 May: AIMS APAC REIT, Acrophyte Hospitality Trust, Frasers Logistics & Commercial Trust, UOB, Lendlease Global Commercial Trust earnings
• Thursday, 8 May: DBS, Great Eastern Holdings earnings, SGX ex-dividend, FOMC Rate Decision
• Friday, 9 May: Daiwa House Logistics Trust, Frasers Property, OCBC, SIA Engineering, StarHub earnings

Get the full list of stocks with upcoming dividends here. 

Source: SGX, Bloomberg, Refinitiv

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