CSOP USD Money Market Fund Wrap-20240722

•Following the attempted assassination of Donald Trump, his odds of a presidential return have risen, as per PredictIt data. Trump's advocacy for looser fiscal policy and increased tariffs is generally seen as beneficial for the US dollar and US yields. Furthermore, a Trump win and a Republican sweep could increase volatility and fiscal worries, thereby causing higher yields and steeper curves.

•Last week’s consumption data came in stronger than expected as retail sales remained steady m/m (consensus: -0.3%).

•However, it is to note that labor market data came in disappointing with initial jobless claims for the week ending July 13 increased by 20k to 243k (consensus: 229k), the largest rise since early May. This hints at a potential slowdown in the labor market and supporting predictions of imminent Federal Reserve interest rate cuts. However, JPMorgan economists suggest that Hurricane Beryl may have inflated these figures.

Source: CSOP, Department of Labor, Bloomberg, as of 20240719. ^ Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

“The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”).This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions.

CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information, and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.

Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.”