Phillip ETF Model Portfolio: May 2018 Update June 19, 2018 891

Market Highlights

  • Italian’s trouble in forming the government rocked the European financial markets as reflected in the equity markets and credit spread. Even with the government finally established, an “Italexit” is still a possibility under the coalition government led by the populist Five Star Movement Party and anti-immigrant party, the League.
  • The G7 summit was cut short for Trump as he visited Singapore for the historical Trump-Kim summit. He walked away with a deal to denuclearise the communist state.
  • Trump slapped 25% tariffs on $50 billion of Chinese goods, essentially sparking fear of trade war as China retaliated with tariffs on $34 billion of U.S. products. We expect volatility to be elevated going forward.

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About the author

Profile photo of Pei Sai Teng

Pei Sai Teng
Investment Analyst
Phillip Securities Research Pte Ltd

Sai Teng covers the global macro research. He has more than 6 years investment experience primarily in portfolio construction and asset allocation. He graduated with Bachelor of Science in Banking and Finance from University of London.

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