North America In the U.S.: Weekly initial jobless claims were 1.542M versus the revised 1.897M from the prior week. Continuing claims for the week ending 30-May were lower at 20.929M versus the prior week’s 21.268M reading. In an interview on CNBC, Treasury Secretary Mnuchin cautioned that shuttering the economy again in the event of a second Covid-19 wave is not a viable option, arguing it would create more damage. He added that he is prepared to return to Congress to discuss additional relief measures, though he stressed another $1T will be pumped into the economy over the next month. As expected, the Fed left monetary policy unchanged. Fed said it will buy Treasuries at around $80B/m and MBS at approx.

North America In the U.S.: May nonfarm payrolls of +2509K shocked the markets as analysts were expecting a loss of 8000K. Large increases occurred in leisure/hospitality, construction, education, health services and retail. George Floyd protest marches continued this week but stayed mostly peaceful easing market fears. New charges were filed this week for the officers involved and also older cases of police brutality have been reopened for review, which may appease some of the public anger going forward. In earnings, 320 companies in the S&P 500 Index have reported, 76.0% beat, 1.0% were in-line, and 23.0% missed estimates. REIT Focus: BCE, Inc. announced a definitive agreement to sell 25 data centers at 13 sites to global interconnection and data center

North America In the U.S.: Initial claims ticked up another 2.12M this week versus last week’s 2.45M claims. The new claims bring the total to an alarming 41M since the start of the pandemic. Following heightened tensions between the US and China, investors were relieved on Friday that President Trump did not undermine the Phase 1 trade deal and seemed to ratchet down some of the previous rhetoric regarding Hong Kong’s trade exemptions. REIT Focus: Rexford Industrial (REXR) announced the acquisition of 1055 Sandhill Ave., a 158KSF vacant manufacturing building on 5.79 acres of land, in Carson, CA, for $14.5M. Rexford plans to demolish the existing improvements and construct a new, 32-foot clear 126KSF single-tenant logistics building with 20 dock-high

North America In the U.S.: Initial jobless claims of 2.438M versus last week’s upwardly-revised 2.687M. Brings total claims to nearly 39M over past nine weeks. Continuing claims of 25.073M a bit above estimates of 24.500M, up from prior week’s 22.548M. In earnings, 478 companies in the S&P 500 Index have reported, 66.2% beat, 0.5% were in-line, and 33.3% missed estimates. REIT Focus: Citing the uncertainty regarding the COVID-19 pandemic, Ryman Hospitality Properties announced the termination of its agreement with Stratus Properties (STRS) to purchase the Block 21 mixed-use development in Austin, Texas. As a result of the termination, Ryman will forfeit its nonrefundable deposit of $15M provided to Stratus in connection with the execution of the agreement. In REIT earnings,

North America In the U.S.: Initial jobless claims for week ending 2-May were 3.169M, above the 3M consensus following last week’s revised 3.846M. Brings seven-week total to over 33M. Continuing claims for week ending 25-Apr rose sharply to 22.647M following a revised prior week reading of 18.011M. Nonfarm payrolls fell 20.5M versus last month’s revised 870K decline. Unemployment rate jumped to 14.7%, a post-war high. In earnings, 422 companies in the S&P 500 Index have reported, 68.2% beat, 0.5% were in-line, and 31.3% missed estimates. REIT Focus: Apartment Investment & Management Co (AIV) provided an update on rent collection where they were on par over the past six days with the previous month’s collections of 96% cash and 3% accrued