China Rate Cut • Manufacturing 'Plummet' • Cannabis Rebound

August 15, 2022 | Hoya Capital

China Rate Cut • Manufacturing 'Plummet' • Cannabis Rebound Real Estate Daily Recap Aug 15 Written By U.S. equity markets advanced Monday as weak economic data in China and a NY Fed survey showing a "plunge" in manufacturing activity sent benchmark interest rates and commodities prices lower. Seeking to extend a four-week winning streak, the S&P 500 advanced 0.4% today - cutting its 2022 declines to under 10% - while the tech-heavy Nasdaq 100 advanced nearly 1%.

Real estate equities were mostly higher today amid a rotation back into some of the more defensive property sectors following a busy earnings season. The Equity REIT Index advanced 0.4%. The beaten-down cannabis REIT sector led the gains today following strong results last Friday afternoon from Power REIT (PW), which rallied nearly 10% on the session after reporting progress on its efforts to receive cannabis licensing from the state of Michigan.

The state of the housing market will be in focus in the week ahead with a trio of reports expected to show a continued cool down in activity over the past month, but high-frequency indicators have shown signs of a near-term "bottoming" as mortgage rates have moderated. Real Estate Daily Recap U.S. equity markets advanced Monday as - consistent with the recent "bad news is good news theme - weak economic data in China and a New York Fed survey showing a "plunge" in manufacturing activity in the U.S. sent benchmark interest rates and commodities prices lower.

Looking to extend a four-week winning streak, the S&P 500 advanced 0.4% today - cutting its 2022 declines to under 10% - while the tech-heavy Nasdaq 100 advanced nearly 1%. Real estate equities were mostly higher today amid a rotation back into some of the more defensive property sectors following a busy earnings season. The Equity REIT Index advanced 0.4% with 13-of-18 property sectors in positive territory while the Mortgage REIT Index declined 0.2%.

Data ...