MARKET HIGHLIGHTS

• Weak inflation data in the US has dragged down US Treasury yields to year lows, despite the Fed raising rates and threatening to unwind its balance sheet.
• Macron’s overwhelming majority in the French Parliament perhaps wiped out political risks in Europe and even brought it a step closer to the fiscal union dream;
• Softer economic momentum in the US and nervousness over politics are pressuring the US dollar lower
• A breakdown in oil prices is raising the spectre of another spike in credit risks and a further collapse of capital spending.

TARGETED ASSET ALLOCATION

JUNE 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 30 June 2017

INVESTMENT INSTRUMENTS FOR MODEL PORTFOLIOS

Source: Bloomberg, as of 30 June 2017