North America In the U.S.: Headline July PPI was 0.2% versus June’s 0.1% reading. The continued weak inflation readings will raise the pressure on the Fed for additional rate cuts.In earnings, 447 companies in the S&P 500 Index have reported, 76.7% beat, 0.7% were in-line, and 22.6% missed estimates. REIT Focus: JBG Smith Properties (JBGS) announced the sale of 1600 K Street building in Washington DC for $43M. As of June 30, 2019, the 82K sq. ft. building was 92% leased to several tenants. In REIT earnings, 105 companies in the Wilshire U.S. REIT Index have reported, 65 beat, 2 were in-line, and 38 missed estimates. ASIA In China: July PPI fell 0.3% y/y versus June’s flat reading. The decrease,

North America In the U.S.: As expected, the Fed cut rates 25 bps. Fed Chair Powell on Wednesday characterized the central bank’s 25 bps rate cut as a “mid-cycle adjustment” and not “the beginning of a lengthy cutting cycle.In earnings, 384 companies in the S&P 500 Index have reported, 76.3% beat, 0.5% were in-line, and 23.2% missed estimates. REIT Focus: Welltower (WELL) announced that is has acquired five purpose-built, private pay seniors housing properties recently developed and managed by Sunrise Senior Living for $285M. The communities are located within the Washington, D.C., San Francisco and San Diego metropolitan areas. In REIT earnings, 88 companies in the Wilshire U.S. REIT Index have reported, 55 beat, 2 were in-line, and 31 missed

North America In the U.S.: Chatter calling for a more aggressive 50bps rate cut by the Fed has simmered down. Reuters said its latest poll showed that over 95% of 111 economists surveyed now expect a 25 bps rate cut from the Fed later this month. The first reading of Q2 GDP came in at 2.1% q/q versus Q1 print of 3.1% q/q. Q4-2018 print revised down to +2.5% y/y from +3.0% y/y.In earnings, 218 companies in the S&P 500 Index have reported, 77.9% beat, 0.92% were in-line, and 21.2% missed estimates. REIT Focus: Chesapeake Lodging Trust (CHSP) announced that it has entered into an agreement to sell the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place

North America In the U.S.: The WSJ discussed how the market has gone from debating whether Fed will lower rates in July to if it would be a 25bps or 50bps change. Expectations for the more aggressive 50bps move surged following the dovish commentary from NY Fed President John Williams. REIT Focus: Prologis, Inc. (PLD) announced that it would acquire Industrial Property Trust (IDDP) for $4.0B in cash. The deal, which is expected to close in 4Q19/1Q20, will expand PLD’s position in Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. ASIA In China: Q2 GDP slowed to 6.2% from Q1’s 6.4% reading. Although the GDP reading hit a 27 year low, the reaction was

North America In the U.S.: June headline CPI up 0.1% m/m versus May’s 0.1% rise. Increases in shelter and used cars offset declines in energy, recreation, airline fares, and personal care. REIT Focus: Digital Realty Trust, Inc. (DLR) announced it has closed on the acquisition of a 3.5-acre land parcel located in Ferriers-en-Brie, east of Paris for $6.9M. With the building permits already in place, Digital Realty will immediately commence construction on a new 12-megawatt data center. ASIA In China: June exports fell 1.3% y/y versus May’s 1.1% y/y increase. The reading was concerning given that this was the first full month of the higher US tariff rate.Trade talks took a step back this week, after the US disclosed its