Credit Suisse Turmoil • OPEC Cuts • Ian Updates

October 3, 2022 | Hoya Capital

Credit Suisse Turmoil • OPEC Cuts • Ian Updates Real Estate Daily Recap Oct 3 Written By U.S. equity markets rebounded Monday following their worst September in two decades as signs of financial market stress at major banks and weakening PMI-data called into question the Fed's tightening-course. Rebounding from its lowest close in over two years, the S&P 500 rallied 2.6% today- cutting its year-to-date declines back below 25%- while the Mid-Cap 400 and Small-Cap 600 posted similar gains.

Real estate equities were broadly higher as well as long-term interest rates pulled-back from their highest levels since the Financial Crisis. The Equity REIT Index advanced 1.8%. Homebuilders rallied 4%. The faint quivers of financial market instability became more widely-felt tremors over the weekend following a series of updates from Credit Suisse - the seventh largest financial institution in the world - that raised questions over the bank's solvency amid pressure from a historic pace of central bank monetary tightening.

Manufactured Housing REIT Equity LifeStyle (ELS) gained 2% after providing a Hurricane Ian update today, commenting: "At this time, we do not believe that Hurricane Ian will significantly impact our results of operations or our financial condition." Income Builder Daily Recap U.S. equity markets rebounded Monday following their worst September in two decades as signs of financial market stress at major banks and weakening economic data called into question the Fed's aggressive rate-hike course.

Rebounding from its lowest close in over two years, the S&P 500 rallied 2.6% today - cutting its year-to-date declines back below 25% - while the Mid-Cap 400 and Small-Cap 600 posted similar advances. Real estate equities were broadly higher as well as long-term interest rates pulled back from their highest levels since the Financial Crisis. The Equity REIT Index advanced 1.8% today with 17-of-18 property sectors in positive territory while the Mortgage REIT Index gained 1.3%.

Homebuilders and the broader Hoya Capital Housing Index were among ...