Friday Market Recap
Weekly Assessment of Global Real Estate Trends
North America In the U.S.: The drop was worrisome given that it highlighted a continued slowdown in the economic recovery given the disappointing industrial production released earlier in the week. The drop continued the push the theme that the recovery may be decelerating. REIT Focus: Mack-Cali Realty (CLI) announced the strategic sale of a 10-building, 1.5M-square-foot commercial portfolio in
North America In the U.S.: US President Trump told reporters that he intends to curb the US economic relationship with China, contrasting himself with Joe Biden by threatening to punish any American companies that create jobs overseas and to forbid those that do business in China from winning federal contracts. The drop continued the push the theme that the
North America In the U.S.: Although China has increased its US good purchases, it is still not expected to meet its purchase commitments for 2020. This was not surprising given the big gap between Democrats and the White House over the size and scope of the package. The drop continued the push the theme that the recovery may be
Featured Global Market Reports
Browse finance headlines from around the globe we’re keeping an eye on
We conducted three days of due diligence on the nascent REIT industry in Mexico (two days in Mexico City and one in Monterrey), our itinerary filled with back-to-back meeting with management teams of five of the seven exiting Mexican REITs, called Fideicomisos de Infrastructura y Bienes Raices or Fibras for short. Our discoveries: Mexico is experiencing a manufacturing renaissance.
A Greek Tragedy… or is it a Comedy? Clearly, it is a little of both. As the new Greek government fails to form a coalition, the entire “progress” of the Troika’s (IMF/ECB/EC – and Germany) negotiations reverts back to uncertainty and talk of a Greek exit from the Euro. It is comical that Greece can hold the entire Eurozone
Our European analyst recently attended the BAML UK Real Estate conference in London. One of the panel discussions involved five CEOs of prominent UK REITs talking about the state of the London real estate market. The panelists were John Burns (DerwentLondon), Chris Grigg (BritishLand), David Atkins (Hammerson), David Fischel (Capital Shopping Centers), and now retired Francis Salway (Land Securities).
Domestic & Capital Market Insights
What’s happening at home, outlooks & reviews
As we await recounts in some of the close battle ground states and the inevitable lawsuits to follow (did anyone expect this annus horribilis to end differently?), we wanted to take a break from constantly refreshing websites for updated vote counts to offer quick thoughts on the election and its impact on REITs for the months ahead. While the
The efficient-market hypothesis (EMH) is a long-debated economic theory first introduced in nascent terms in the early 1900s, and advanced starting in the 1950s, which essentially suggests “security prices fully reflect all available information.” Although variations exist, the natural conclusion is that stock price movements are unpredictable; therefore “you cannot beat the market” and active portfolio management is a
Since August 27, when Michael Bauer and Thomas Mertens published their FRBSF Economic Letter titled Information in the Yield Curve about Future Recessions, the ten-year-three-month spread has gone from “nearly 1 percentage point away from an inversion” to low of 15 bps on January 3, 2019. Put another way, investors were willing to lend money for ten years for
The US economy is still expanding albeit at a slower rate. The third estimate of Third Quarter GDP growth came in at 3.4%, compared to 2.8% for Third Quarter 2017, and the latest estimate for Fourth Quarter GDP growth from the Federal Reserve Bank of Atlanta is 2.8%. According to the Bureau of Labor Statistics, changes in total nonfarm