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 Morris County, NJ to a joint venture group, including Onyx Equities, Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group for approximately $160M. The portfolio includes nine buildings located in Parsippany, NJ and a building in Madison, NJ. ASIA In China: Marks return to positive territory for the first time this year. Real estate picked up as aggregate nominal

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 recovery may be decelerating. REIT Focus: Equinix, Inc. announced that it had detected a ransomware event on some of the company’s internal systems. Equinix stated that the incident did not affect any of its customers and the data centers remained functional. ASIA In China: Export outperformance was mainly driven by demand for medical PPE and work-from-home related products. Reuters reported that

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 decelerating. REIT Focus: Service Properties Trust (SVC) announced that it will transfer the branding and management of 103 hotels to Sonesta International Hotels Corporation from InterContinental Hotels Group (IHG). The move comes after IHG failed to make its scheduled rent payments for July and August. ASIA In China: In Japan: Abe will reportedly stay in office until a successor is named.

North America In the U.S.: Focus on a stimulus bill took a back seat again this week as states continue to grapple with how to implement President Trump’s executive orders. Some analysts now estimate talks to go well into September before any resolution or progress is made. August Flash Manufacturing PMI was 53.6, ahead of the 52.0 consensus estimate and Flash Services PMI was 54.8, ahead of the 51.9 consensus estimate. Both metrics surprised to the upside on improvements in sentiment and employment.  Weekly initial jobless claims were 1.106M versus last week’s revised 971K. The drop below 1M last week was short lived and led to renewed fear that the recovery is decelerating. REIT Focus: Store Capital Corporation (STOR) announced August rent collections

North America In the U.S.: In addition, there is heightened scrutiny over the postal service as there is the appearance that the White House may be trying to undermine the election by draining post office resources. Gasoline and food services quite strong at +6.2% and +5%; motor vehicles disappointed at -1.2. The drop below 1M claimants was the first after 20 consecutive weeks above the mark. REIT Focus: Apple Hospitality REIT (APLE) announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona, for a gross purchase price of approximately $64.6M. Following this acquisition, the Apple Hospitality portfolio includes 235 hotels with more than 30,000 guest rooms geographically diversified throughout 34 states. ASIA