The value of commercial real-estate loans in foreclosure nearly tripled between January and August this year to reach $19.2 billion.
Private Credit
Apollo Global Management Inc. clinched $5 billion in fresh firepower from BNP Paribas SA as it looks to grow its private lending business.
Fed Concensus
Powell has prioritized consensus building, reflected in a string of 17 meetings with no dissenting votes. That came to an end on Wednesday as some of Powell’s colleagues had implied they were more comfortable leading off with a smaller cut.
Return To Office
Only 7% of large tech companies require employees to be in the office five days a week, compared with 33% for all U.S. companies.
Wealthy Renters
Between 2018 and 2022, the share of households with annual incomes of more than $750,000 that rented rose to 10.5%, the highest level since the survey began in the mid-2000s. It was 8.4% in the previous five-year period.
Rate Cut Odds
On Monday, derivatives markets showed investors saw a 65% chance of a half-point cut. That’s up from 50-50 odds on Friday.
Corporate AMT
The Treasury Department released 603 pages of proposed rules for the corporate alternative minimum tax, or CAMT, an exceptionally complex endeavor for regulators and corporate tax executives. The proposal comes more than two years after Congress passed the law creating the tax and more than 20 months after it took effect.
Manufacturing Multiplier
American and overseas companies have committed nearly half a trillion dollars to build new factories for electric vehicles, semiconductors and other products in the U.S. Investors are planning to acquire or build warehouses, hotels, office buildings and apartments near coming factories across the Sunbelt and Rust Belt, where most of these so-called onshoring projects are under way, wagering that as new manufacturing hubs come online and create jobs they will produce a “multiplier effect,” with growing employment increasing demand for homes, shopping and more.
Bank CRE Loans
The delinquency ratio for CRE loans across banks rose 16 basis points in the second quarter, to 1.4% the seventh consecutive quarterly increase. Also year-over-year CRE loan growth across U.S. banks slowed to 2.2% in the second quarter, compared to 2.9% the prior quarter and down substantially from a recent peak of 12.1% in the third quarter of 2022.
September Drop
Going back to 1928, the S&P 500 has declined an average 1.2% in September, the weakest month of the year for stocks. The index ended lower 56% of the time over that stretch.