In the U.S.: Headline August retail sales were down 0.2% m/m versus July’s downwardly revised 0.3% increase. Autos, electronics and appliances, building materials, and clothing all posted m/m declines. Online sales, which fell 1.1% m/m, posted the sharpest decline since April 2014. August industrial production was down 0.9% versus July’s 0.4% rise. Economists attributed the bulk of the slowdown to the disastrous effects of Hurricane Harvey. REIT Focus: Equinix Inc. (EQIX) announced the acquisitions of Itconic and CloudMas in Spain and Portugal from The Carlisle Group for $259M. The acquisitions add 322K sq. ft. and exposure to two new European countries to the Equinix portfolio. The Wall Street Journal reported that demand for self-storage space has surged in Houston with

In the U.S.: US continued to push for stronger UN Security Council sanctions against North Korea following its latest nuclear test. Bloomberg said a draft resolution is being circulated that imposes an oil embargo, bans North Korean textile exports and hiring of North Korean laborers abroad. Federal Reserve Vice Chairman Stanley Fischer announced that he would resign in mid-October. Fischer’s resignation opens up a fourth vacancy within the Fed board of governors that could open up the door for President Donald Trump to restructure the Feds leadership, which includes the decision to nominate Janet Yellen to a second term as Fed chair. REIT Focus: After tearing through the Caribbean, Hurricane Irma, a deadly category 4/5 storm and one of the

In the U.S.: August nonfarm payrolls increased 156K following a July’s downwardly revised 189K gain. The unemployment rate pushed up to 4.4% from 4.3% and the participation rate was unchanged at 62.9%. Hurricane Harvey flooded the gulf coast of Texas and Louisiana displacing thousands of families and killing over 40 people. Harvey has greatly interrupted the Texas energy sector with large refineries having to cease operations. Also affected is the production of Ethylene, a very essential chemical used in manufacturing of plastics, which has been cut by half. As the waters recede the total effect and cost of Harvey will continue to rise. REIT Focus: REITs with exposure to the areas affected by Hurricane Harvey have started to report the

In the U.S.: The Trump administration unveiled another round of sanctions against Venezuela to oppose the Maduro dictatorship. The new sanctions are aimed at the regime’s ability to finance their government and will cripple the already ailing regime. REIT Focus: The Amazon-Whole Foods deal was approved by the FTC. Following the approval, Amazon announced that they would be lowering the prices on many items, and they would be installing prime lockers for online shoppers to pick up their items. In addition, it is expected that Amazon Prime members will start receiving loyalty bonuses for shopping at the retail grocer. Shares of other grocers fell sharply on the announcement. In China: The Financial Times highlighted that infrastructure spending ballooned to a

In the U.S.: President Trump signed an order directing a trade representative to commence a formal investigation into Chinese intellectual property practices. Although the move angered the Chinese, Trump noted that theft of intellectual properties by foreign countries costs US millions of jobs and billions of dollars each year. North Korea announced that it would hold off a missile attack on Guam as the dangerous rhetoric subsided into more diplomatic efforts on both sides. July headline retail sales up 0.6% m/m versus June’s upwardly revised 0.3% m/m reading. Better than expected growth in online sales, automobiles, and building supply stores were the main catalysts to the strengthening retail reading. NAREIT’s Brad Case published: Comparing Listed REITs with Private Equity Real