ASIA In China: The move comes amid Xi’s diminishing tolerance for big businesses that have amassed capital and influence and perceived to have challenged his rule. . Imports disappointed with a 4.7% increase versus September’s 13.5% increase. In Japan: Suga noted cases were surging in Hokkaido, Osaka and Aichi. Requests from ruling party lawmakers have ranged between ¥10-30T ($95-286B). REIT Focus: Mapletree Industrial shares fell this week after the company failed to be included in the MSCI Singapore Index. Some analysts had expected the company to be included in the Index. Europe In Europe: The US allies in the region, have typically had a contentious relationship with President Trump and believe that Joe Biden will renew previous US diplomatic values

ASIA In China: Xi stated that it is “completely possible” for China to meet the current standards for high-income countries and to double the total economic volume or per capita income by 2035. In Japan: In a speech, BOJ Governor Haruhiko Kuroda strongly reaffirmed support for current monetary easing measures. He also reiterated that the central bank will closely monitor the pandemic and not hesitate to take additional measures if necessary REIT Focus: Singapore’s largest property developer, CapitaLand Ltd., expects its financial performance for FY2020 to be materially impacted due to significant reduced profitability in the first half of the year amid the pandemic. Europe In Europe: . The new lockdowns raise concerns about rising company failures and long-term unemployment.

ASIA In China: In Japan: September strength was driven by autos, production machinery, electric/IT and tech related sectors. The reading continues to defy expectations of clearer increase in the wake of coronavirus shock. REIT Focus: The Sing Tao Daily reported GAW Capital was in talks with Swire Properties to purchase the entire block of Cityplaza One for about HK$10B ($1.29B). Following the news, shares of Swire Properties were briefly halted. Europe In Europe: The move gives the ECB time to develop the optimal policy mix, given that there will be more clarity regarding the UK’s Brexit negotiations and the US Presidential Election. Fishing quotas continued to be a strong sticking point in talks. REIT Focus: Global logistics REIT Prologis announced

ASIA In China: Of note, industrial production levels rose to 6.9% y/y, returning to pre-pandemic levels. China’s Foreign Ministry spokesman Geng Shuang criticized the sale as “severe interference in China’s internal affairs” that would “undermine China’s sovereignty and security interests.” He vowed retaliation including sanctions against the US companies involved. In Japan: Output, new orders, and new export orders all registered smaller declines. REIT Focus: Bloomberg reported that Sun Hung Kai could miss its Hong Kong annual contracted sales target of HK$35 billion by at least 10% in fiscal 2021 ending June. Weak luxury home demand and a supply boom are expected to slow property transactions. Europe In Europe: There were fears Spain and Germany were losing control of the

ASIA In China: CPI inflation also softened to a 1.7% rise vs consensus 1.8% and 2.4% in prior month. This comes after heightened tensions with the US regarding proprietary technology have reached new highs. In Japan: Prime Minister Suga is expected to have specifics drawn up as early as next month REIT Focus: CapitaLand’s lodging business unit, The Ascott Limited, secured more than 2,100 new units across 12 properties in China over the past three months. In a press statement the company stated that revenue had almost recovered to pre pandemic levels. Europe In Europe: This was retaliatory as the US imposed tariffs worth $7.5B on EU products including scotch whisky and French wine and cheese. REIT Focus: Unibail-Rodamco-Westfield (URW)