The list includes about $3.9 billion in outstanding CMBS loan balance. That does not include loans for which deed-in-lieu was discussed but for which the asset has already gone REO.
The combination of a stimulus stalemate, Tyrannical responses to a renewed COVID case wave (note the death rate remains flat), and the fading hopes for a 'blue wave' are all triple-whammying market optimism.
A "bear" case which results in an exponential surge in new cases would almost certainly lead to another economic shutdown, especially under a Biden presidency.
"An orderly Trump victory as the most favorable outcome for equities (upside to ~3,900).... A ‘Blue Sweep’ scenario is expected to be mostly neutral in the short term..."
While these restrictions are not yet as tight as in spring, the latest set of data has already revealed that the pace of economic recovery in services has started to lose momentum...
It's another very busy week, including the peak of earnings season as 184 S&P 500 companies report; we also get several central bank announcements and what will likely be a record GDP print in the US.
"The decreasing likelihood of U.S. fiscal stimulus pre-election, possibly even pre year-end, as well as worsening virus numbers and increasing lockdown measures all seem to be taking the shine of what was a rather complacent market view of the outlook."
"Mechanically, the market cap of bitcoin would have to rise 10 times from here to match the total private sector investment to gold via ETFs or bars and coins."
