In the U.S.: June Nonfarm payrolls increased 213K versus an upwardly revised 244K gain in May.The unemployment rate pushed up to 4.0% from 3.8% and the labor force participation rate increased to 62.9% from 62.7%. The mixed results were in-line with expectations and are not expected to intervene with the Fed’s tightening cycle. REIT Focus: Equinix, Inc. (EQIX) and Omantel entered into an agreement to build a new Equinix Data Center in Oman. The new IBX data center will benefit from connectivity to strategic cable landing stations and subsea cable systems that will terminate directly inside the 18K sq. f. facility. Equinix and Omantel will both fund equity contributions of $10M for the 50/50 JV with additional funding coming from debt

In the U.S.: On Monday the WSJ reported that the Trump administration was crafting a new initiative that would prevent companies with at least 25% Chinese ownership from purchasing companies involved with “industrial significant technology.” On Tuesday Treasury Secretary Steven Munchin and Trade Advisor Peter Navarro made contradictory comments on the plan. Munchin said that the investment restriction would apply to all countries that are trying to steal our technology” while Mr. Navarro said there was no plan at all. Trump advocated for the immediate deportation on illegal immigrants without due process saying “we cannot allow all of these people to invade our Country… when somebody comes in, we must immediately, with no Judges or Court Cases, bring them back

In the U.S.: NAHB Chairman Randy Noel stated that record-high lumber prices have added nearly $9,000 to the price of new single-family homes. FOMC chairman Powell was quoted saying that the case for continued gradual rate hikes was strong. The Supreme Court rules that states can require internet tax to be collected. MSCI announced that Argentina would be returned to emerging market status and that Saudi Arabia would be added. OPEC reached an agreement on Friday to boost oil production by 600,000 barrels a day, which is 0.5% of global supply. REIT Focus: Essential Properties Realty Trust (EPRT) priced its IPO at $14.00 per share, at the low end of the $14.00-17.00 per share range.  The triple net lease REIT

In the U.S.: The G7 summit concluded over the weekend with the joint message of reducing trade barriers. Unfortunately, tensions between US President Donald Trump and Canadian Prime Minister Trudeau regarding tariffs, led the US President to withdraw support for the G7 joint message via twitter. The German Chancellor Angela Merkel described the situation as “sobering and a bit depressing”. As expected, the Fed raised rates by 25 bps to 1.75%-2.0% and reiterated that the policy stance remains accommodative. Following the statement, the median dot for 2018 went up from three rate hikes to four. President Trump approved $50B in tariffs on imports from China largely focused on industries contributing to “Made in China 2025” initiative. President Trump stated that

In the U.S.: In retaliation to the US tariffs on steel and aluminum, Mexico imposed tariffs on pork, apples, potatoes, bourbon, and cheese. Although the tariffs are valued at approximately $3B, roughly only 1% of total exports to Mexico, they are expected to materially impact the targeted industries. REIT Focus: CyrusOne, Inc. (CONE) purchased nearly 70 acres in Mesa, AZ to develop its second major Data Center Campus in the state. Upon completion, the new campus is expected to have five buildings with up to 198 MW of critical power. In China: The May customs trade surplus was $24.9B versus $28.8B in April. Imports rose 26.0% y/y and exports grew 12.6% y/y primarily from stronger trade with Japan. The strong