North America In the U.S.: The first print of Q1 GDP showed a 4.8% q/q SAAR contraction, marking the first contraction since 2014. Personal consumption was the big drag on the reading, down 7.6%. Promising results from two studies of the Gilead drug Remdesivir were released this week. The studies concluded that the drug aided patients already positive with Covid 19 with faster recovery times and lower mortality rates than those on the placebo. The Fed, as expected, held rates steady in the 0.00 – 0.25% range at its recently concluded April meeting. In the statement, the FOMC said the ongoing public health crisis poses considerable risks to the economic outlook.Initial jobless claims rose another 3.839M versus last week’s revised

North America In the U.S.: Treasury Secretary Mnuchin told Bloomberg he is considering the creation of a government lending program for oil companies. The administration also considering taking financial stakes in exchange for some loans, and some firms may be asked to reduce production. According to Mnuchin, some oil companies may already be able to access a loan program the Fed created for “main street” businesses. Initial unemployment claims jumped another 4.4M this week versus last week’s 5.2M. The Congressional Budget Office released updated economic estimates with the unemployment rate expected to rise to 14% in Q2 and peak at 16% in Q3 and the federal budget deficit expected to grow to $3.7T this year. In earnings, 123 companies in

North America In the U.S.: The White House released a plan for phased economic reopening. The caveat to the plan, was that the ultimate decision to reopen was up to the state governments, a notion that had been challenged by President Trump earlier in the week.Initial unemployment claims jumped another 5.2M this week versus last week’s 6.6M. The staggering jump in claims serves as evidence on how the ongoing pandemic is crushing vulnerable businesses unable to open during the crisis. REIT Focus: Hilton Worldwide Holdings (HLT) raised cash by selling $1B of loyalty points to its Hilton Honors program to American Express. In addition, Hilton plans to offer $500M Sr. Notes as the company looks to improve its financial position

North America In the U.S.: The Fed announced a new FIMA facility that will allow foreign central banks that need to raise dollars to do so via repo transactions rather than having to sell their securities in the open market. Initial jobless claims rose to a staggering 6.648M, doubling last week’s 3.283M reading. Continuing claims up to 3.029M from last week’s 1.784M. A jump in cases was expected as state unemployment offices struggled to process the flood of applications and adapt computer systems to accept new types of claims allowed under the CARES Act March headline nonfarm payrolls fell 701K, well below consensus for a 145K decline. First negative print since Sep-10. The unemployment rate jumped to 4.4%. REIT Focus:

North America In the U.S.: Unemployment claims jumped this week with 3.28M people filing for benefits versus 282K. The weekly jump was the most ever seen since the Department of Labor started tracking the data in 1967. President Trump signed a historic $2.2T coronavirus stimulus bill into law. The stimulus deal reached at the house will provide essential aid for American’s that have been adversely impacted by the coronavirus pandemic. REIT Focus: Equity Residential (EQR) announced that it would be supporting residents that have been negatively impacted by the pandemic. They stated that they would halt evictions for 90 days, work with tenants create payment plans, and identify community resources to help residents secure basic necessities. ASIA In China: The