In the U.S.: April Nonfarm payrolls increased 211K versus March’s downwardly revised 79K increase. The Unemployment rate declined to 4.4% marking the lowest level since May 2007. The strong payrolls reading helped prove that March’s disappointing reading was likely heavily impacted by Winter Storm Stella. The House passed an Obamacare replacement bill by a thin margin (217-213) sending the bill to the Senate. Although initially viewed as a win for the republican majority and President Donald Trump, the bill would likely face intense opposition in the Senate as it contains several divisive provisions and has not been scored by the CBO. Puerto Rico has filed for the biggest municipal bankruptcy ever in the US. Puerto Rico currently owes its creditors

In the U.S.: According to a poll done by WSJ/NBC 40% approve of the job President Trump is doing while 54% disapprove. The 14% gap is up from 4% in February.  President Trump enters his 4th month with a lower approval rating at this period than the previous 11 Presidents. During its 85th anniversary North Korea conducted live-fire drills but to the relief of the world did not do a nuclear test. The USS Carl Vinson carrier group is currently headed to the Sea of Japan but President Trump has indicated that he will pursue a tightening measure in an effort to push North Korea to forego its nuclear arsenal. Treasury Secretary Stephen Munchin and top economic advisor Gary Cohn

In the U.S.: Flash Markit manufacturing PMI fell to 52.8 from March’s 53.3 reading, while the services PMI reading fell to 52.5 from March’s 52.8 reading. The disappointing flash PMI readings were primarily due to the weakest rise in payrolls since February 2010 and the softer pace of hiring . The Trump administration is looking to bring a new bill to repeal and replace Obamacare and issue significant tax reform. Unfortunately, time is not on the administration’s side as a potential government shutdown looms next week if a budget is not passed. In earnings, 94 companies in the S&P 500 Index have reported, 81.91% beat, 1.1% were in-line, and 17.0% missed estimates. REIT Focus: Activist hedge fund Land and Buildings

In the U.S.: In an interview with the Wall Street Journal, President Trump stated that the USD was getting too strong, he expressed a desire for the Fed to keep rates low, and hinted at nominating Fed Chair Janet Yellen to another term. The last statement ran contrary to previous statements Mr. Trump had made where he stated that he would “most likely” not appoint her to a second term. REIT Focus: Urban Edge Properties (UE) announced that it would buy seven retail assets for $325M. The assets include 1.5M square feet of gross leasable area, mostly in New York City metropolitan area. The deal is expected to close during 2Q17. In China: March trade balance was a strong $23.9B

In the U.S.: March nonfarm payrolls increased 98K versus the 180K consensus estimate and February’s revised 219K reading. Economists noted that winter weather played a role in the disappointing result and that a downturn in payroll growth was to be expected as the recent gains in payrolls was unsustainable. President Trump ordered a targeted military strike on Al Shayrat airfield in Syria following a chemical weapons attack on innocent civilians earlier this week. Russia condemned the attack and suspended cooperation with the US that was designed to avoid incidents between the US and Russia when carrying out aerial attacks on ISIS strongholds. REIT Focus Several notable management changes occurred this week. Of note, HCP Inc. (HCP) President Justin Hutchens resigned