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

North America In the U.S.: Although China has increased its US good purchases, it is still not expected to meet its purchase commitments for 2020. This was not surprising given the big gap between Democrats and the White House over the size and scope of the package. The drop continued the push the theme that the recovery may be decelerating. REIT Focus: Service Properties Trust (SVC) announced that it will transfer the branding and management of 103 hotels to Sonesta International Hotels Corporation from InterContinental Hotels Group (IHG). The move comes after IHG failed to make its scheduled rent payments for July and August. ASIA In China: In Japan: Abe will reportedly stay in office until a successor is named.