In the U.S.: Healthcare insurers fell sharply this week as Berkshire Hathaway, Amazon, and JP Morgan announced that they would create a non-profit company to address healthcare for their US employees. The companies added that the initial focus will be on technology solutions that will provide employees and their families with “simplified, high-quality and transparent healthcare at a reasonable cost.” The FED left rates unchanged in a unanimous vote. They expect inflation to rise this year to around 2% in the medium-term. In earnings, 251 companies in the S&P 500 Index have reported, 80.5% beat, 0.8% were in-line, and 18.7% missed estimates. REIT Focus: VICI Properties, Inc. (VICI) priced 60.5M shares, upsized from 50M shares on strong demand, at $20

In the U.S.: President Trump at the World Economic Forum in Davos stated that the US will consider negotiating with all countries on a bilateral basis, including those countries within the Trans-Pacific Partnership. REIT Focus: Apartment Investment and Management Company (AIV) filed an appeal to stop Airbnb from Illegally Renting Apartments after the US District Court for the Central District of California dismissed a lawsuit that the company filed against Airbnb in February, 2017. In China: A previously announced RRR cut went into effect on Thursday creating a much needed liquidity boost as the PBoC chose to skip open market operations for the second consecutive day on Friday. The cut reduced the reserve requirements for banks engaged in lending to

In the U.S.: Prospects for a government shutdown remained elevated on Friday. The markets did not seem too concerned over the shutdown as spillover effects tended to be minimal given that the debt ceiling was not involved. REIT Focus: Americold Realty Trust (COLD) priced 45.3M common shares at $16 per share, which was at the high end of the IPO price range of $14-16. Americold provides temperature controlled warehousing and logistics to the food service industry. Shares of COLD closed Friday at $17.77 per share for an 11.06% gain from the IPO price. In China: Final 2017 GDP grew at 6.9% versus 2016’s 6.7% reading. The result was somewhat surprising given that policymakers had been aggressively curbing financial risk from

In the U.S.: December headline CPI increased 0.1% m/m versus 0.4% m/m increase in November. The report pushed the y/y rate of growth down to 2.1% from 2.2%. December headline retail sales increased 0.4% m/m versus an upwardly revised 0.9% gain in November. Despite the headline miss, the result was consistent with a fairly upbeat holiday shopping season. REIT Focus: Industrial Logistics Properties Trust (ILPT) priced 20M shares at $24/share, at the low end of the offering range, raising gross proceeds of $480M. Industrial Logistics Properties Trust owns 226 industrial properties in Hawaii and 40 industrial properties located in 24 other states. Shares at Friday’s close were lower at $23.35. In China: The December trade balance was a strong $54.69B

North America In the U.S.: December nonfarm payrolls rose by 148K, below the expected 190K and much lower than November’s revised 252K gain. Of note, the retail sector lost 20K jobs, while health care, construction, and manufacturing saw gains. REIT Focus: Welltower Inc. (HCN) entered into an agreement to acquire a portfolio of Sunrise Assets for $368M. The portfolio is comprised of four communities offering a full continuum of care including independent living, assisted living, memory care and post-acute care concentrated in attractive markets within Washington D.C., Miami, and Charlottesville. The investment is projected to generate a nominal year one cap rate of 7%. ASIA In China: December official manufacturing PMI fell to 51.6 from November’s 51.8 reading. The drop