North America In the U.S.: This comes as states grapple with how to implement President Trump’s executive orders to provide coronavirus relief of roughly $400, after $100 investment by the state. The stronger data may weigh on stimulus negotiations going forward, as there maybe less appetite for a large deal. REIT Focus: Shares of Vornado Realty Trust (VNO) rallied on Tuesday following the announcement that Facebook was leasing all the office space in the Farley Building, a former post office on Manhattan’s West Side that the company is redeveloping. The news was welcomed in a sector that has been hit particularly hard during the pandemic. ASIA In China: The strong export reading reflected the re-opening of overseas economies from coronavirus
North America In the U.S.: Congress was not able to pass a fifth coronavirus relief package as a wide gap between Republicans and Democrats remained over the size of the package. House Speaker Pelosi said she expects the White House and Republicans to move off their ~$1T figure and get much closer to the ~$3T+ proposed by House Democrats. Coronavirus vaccine news dominated the week several candidates getting FDA fast track status and positive study results from both Moderna and Oxford/AstraZeneca’s candidate vaccines. REIT Focus: Terreno Realty (TRNO) announced the acquisition of an industrial property in South San Francisco for $6.3M. The property is 100% leased to one tenant. ASIA In China: The Financial Times reported that the US is
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.: 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.: The Fed enacted an emergency 50 bp rate cut on Tuesday to combat the increasing Global threat of the coronavirus. The Fed’s swift cut is expected to put pressure on other central banks to implement easing measures. February nonfarm payrolls of 273K were above the consensus estimate of 174K and the upwardly revised 222K January reading. The unemployment rate ticked back down to 3.5%. In earnings, 494 companies in the S&P 500 Index have reported, 74.4% beat, 0.8% were in-line, and 24.8% missed estimates. REIT Focus: Rexford Industrial Realty, Inc. (REXR) announced the acquisition of a ten-building industrial property portfolio for $203.2M, including assumed debt. The portfolio consists of three single-tenant and seven multi-tenant industrial