ASIA In China: New orders rose as domestic demand firmed though external demand remained sluggish with new export orders contracting further. In Japan: Even with the uptick in cases, the BoJ’s Kuroda remained optimistic that the Japanese economy is recovering. The optimistic view reinforced expectations that the BOJ will hold off on boosting stimulus for the time being 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: Berlin, Frankfurt, Paris and Brussels put curfews in places on bars, restaurants and cafes. One of the main

ASIA In China: This marks the seventh straight month of expansion as output and orders saw strong growth. In Japan: Shipments moderately outpaced, leaving inventories down for the fifth straight month. The exchanged noted that the systems failed to transition to the backup hardware. REIT Focus: CapitaLand announced that it aimed to triple its sustainable investment portfolio to S$6B by 2030. As part of its sustainability master plan, CapitaLand aims for 78% reduction in carbon emissions intensity and seeks to increase proportion of total electricity consumed from renewable sources by 35%. Europe In Europe: This marked its lowest level since April 2016 with downward pressure largely attributed to temporary factors, such as time-limited VAT cuts, and low energy prices. EU

ASIA In China: The Wall Street Journal noted that UN world leaders sounded alarms over the widening rift between the US and China, warning that a lack of cooperation could worsen the coronavirus pandemic, slow a global economic recovery or even lead to outright conflict. President Xi Jinping stated that Beijing has “no intention to fight either a cold war or a hot one with any country.” Bloomberg reported that the Trump administration was ordered to postpone the ban on TikTok set for Sunday or respond by Friday to a request by ByteDance for a court order temporarily blocking the ban. The move comes as the potential sale of TikTok’s US operations has become a political tool between both nations.

North America In the U.S.: The drop was worrisome given that it highlighted a continued slowdown in the economic recovery given the disappointing industrial production released earlier in the week. The drop continued the push the theme that the recovery may be decelerating. REIT Focus: Mack-Cali Realty (CLI) announced the strategic sale of a 10-building, 1.5M-square-foot commercial portfolio in Morris County, NJ to a joint venture group, including Onyx Equities, Taconic Capital Advisors, L.P., Axonic Capital LLC, and Machine Investment Group for approximately $160M. The portfolio includes nine buildings located in Parsippany, NJ and a building in Madison, NJ. ASIA In China: Marks return to positive territory for the first time this year. Real estate picked up as aggregate nominal

North America In the U.S.: US President Trump told reporters that he intends to curb the US economic relationship with China, contrasting himself with Joe Biden by threatening to punish any American companies that create jobs overseas and to forbid those that do business in China from winning federal contracts. The drop continued the push the theme that the recovery may be decelerating. REIT Focus: Equinix, Inc. announced that it had detected a ransomware event on some of the company’s internal systems. Equinix stated that the incident did not affect any of its customers and the data centers remained functional. ASIA In China: Export outperformance was mainly driven by demand for medical PPE and work-from-home related products. Reuters reported that