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What Are Older Office Towers Worth: 2nd San Francisco Office Tower Sells for 70% Off Original ListJun 6, 2023 - 08:43:52 PDT
The market had frozen over. There were no transactions because no one knew what anything was worth as San Francisco’s office market has morphed in just a few years from being one of the hottest office markets in the US with a vacancy rate of 7% in 2019 and some of the highest rents in the US, to being put on ice by working-from-home. About 33% of all office space is now on the market for lease – worse even than Houston, which was for years the worst office market in the US.
Jun 6, 2023 - 08:38:09 PDT
Phil Hall reports that Fitch Ratings reduced its 2023 outlook for the U.S. real estate investment trust (REIT) sector outlook from “Neutral” to “Deteriorating,” citing the tumult in the commercial real estate space.
Jun 6, 2023 - 06:34:30 PDT
A Gallup asset class survey conducted in April 2023 finds that 26% of the American public think that gold is the best long-term investment.
The World Bank said on Tuesday that the global economy remained in a “precarious state” and warned of sluggish growth this year and next as rising interest rates slow consumer spending and business investment, and threaten the stability of the financial system.
lmost everyone talks about moving away from the US dollar as the world’s main currency for trade and finance. Those supporting this idea argue that diversification of currency reserves and increased use of regional currency arrangements could contribute to a more balanced international monetary system. From the major economic formations such as Brics (Brazil, Russia, India, China and South Africa) and Asean (Association of Southeast Asian Nations) to smaller players such as Kenya, all have added their voices to the debate.
The US Dollar (USD) lost its strength in the American session on Monday but didn't have a difficult time on finding demand early Tuesday. The US Dollar Index (DXY), which tracks the USD's valuation against a basket of six major currencies, stays in positive territory above 104.00 as investors look for the next catalyst during the Federal Reserve's (Fed) blackout period.
SEC Sues Coinbase Over Exchange and Staking Programs, Stock Drops 15% PremarketJun 6, 2023 - 06:04:43 PDT
The U.S. securities regulator alleged that the exchange was offering 13 different assets that were considered securities and operating as a broker and exchange.
Investors have pulled around $790 million from the crypto exchange Binance and its U.S. affiliate in the last 24 hours, data firm Nansen said on Tuesday, a day after a top U.S. regulator sued both exchanges.
Did you know that the three largest banks that blew up recently were not even on the FDIC’s problem list?
SEC Says Binance Misused Customer Funds, Ran Illegal Crypto Exchange in U.S. The SEC seeks to shut down Binance.
'Over the past two quarters, real GDP shows the economy expanding by 1.0% whereas GDI shows it contracting by 1.4%. The divergence is ominous: GDI previously undershot GDP dramatically during the 2007-09 financial crisis and in the early 1990s recession.'
“There are two reasons for this,” said Mark Zandi, chief economist of Moody’s Analytics. “One is that we’re in a world of high inflation and high interest rates and that typically ends with a recession.” “The other reason there’s been so much talk about recession is because a lot of leading economic indicators that economists rely on to predict recession are screaming ‘recession’ and that’s hard to deny.”
More than a dozen Chinese property firms face the risk of delisting from the country’s stock exchange, an event that will shut an important funding channel for the beleaguered industry.
Chinese authorities asked the nation's biggest banks to lower their deposit rates for at least the second time in less than a year in an effort to boost the economy, Bloomberg News reported on Tuesday, citing people familiar with the matter. State-owned lenders including Bank of China, Industrial & Commercial Bank of China and Bank of Communications were last week advised to...
Interest-Only Loans Helped Commercial Property Boom. Now They’re Coming Due: WSJJun 6, 2023 - 05:40:18 PDT
Nearly $1.5 trillion in commercial mortgages are coming due over the next three years, and many of the landlords on the hook for repayments are vulnerable to default in part because of the way their loans are structured.
Half of Big International Firms to Cut Office Space in Next Three Years: SurveyJun 6, 2023 - 05:38:42 PDT
The survey of 350 businesses by property consultants Knight Frank and commercial real estate firm Cresa found that 50% the largest businesses they questioned – those with more than 50,000 employees – expect to shrink their global workspaces, although most are only planning to reduce by between 10% and 20%.
Us Bank Shares Fall After Treasury Debt Issuance, Proposed New Capital RequirementsJun 6, 2023 - 05:36:52 PDT
Shares of U.S. banks fell on Monday with some investors pointing to worries that a flood of Treasury bill issuance following the raising of the U.S. debt ceiling would drain liquidity from lenders.
Contracts on the Nasdaq 100 edged lower, with Apple down 0.4% in premarket trading on concern the steep price of its much-anticipated mixed-reality headset will crimp shipments. European semiconductor firms slid after Taiwan Semiconductor Manufacturing Co. — the main chipmaker to Apple — said capital spending will be at the lower end of its guidance range.
Chevron Corp. fell 1%, while declines in Shell Plc and BP Plc weighed on Europe’s main stock benchmark after crude gave up all its gains spurred by news of Saudi Arabia’s supply cut.
Asian stocks nudged higher on Tuesday as soft U.S. economic data reinforced expectations that the Federal Reserve may skip an interest rate hike when it meets next week. Futures indicated European stocks were set for a muted open, with Eurostoxx 50 futures down 0.05%, German DAX futures off 0.06% and FTSE futures losing 0.04%. Australia's S&P/ASX 200 index lost 1%...
A large sale by Turkey in April caused global central bank reserves to fall for the first time in over a year, even as central bank gold buying continued.Official global reserves dropped by 71 tons in April, according to the latest data collected by the World Gold Council.