MARKET HIGHLIGHTS

• Emmanuel Macron won the French Presidential election, pushing European markets higher.
• Dismissal of FBI director James Comey opens up an investigation on Trump for obstructing of justice.
• Fed central banker’s dropping hint that the shrinking of the Fed balance sheet may be happening soon.
• One Belt One Road Forum kick starts the ambitious infrastructure spending plans of China.
• S&P credit rating agency downgrade of China’s sovereign rating did little to harm the China Equity market.

MAY 2017 ETF PERFORMANCE (%)

*Performance return is based on total return with dividend reinvestment. Performance calculation does not take into consideration any transactional cost or brokerage fee.

Source: Bloomberg, as of 31 May 2017