ILPT - REITs Slammed As Lockdowns Sweep Europe

• U.S. equity markets plunged by the most since March this week as a strong slate of economic data and corporate earnings was overwhelmed by pre-election jitters and amplified coronavirus concerns.
• A cascading wave of lockdowns across Europe rattled global equity markets while narrowing poll numbers in the U.S. compromise the prospects of a renewed fiscal stimulus package.
• Sitting on the cusp of "correction territory," the S&P 500 ended the week lower by nearly 6% while major Eurozone equity indexes plunge by over 10%. Technology stocks remained under pressure.
• Real estate equities were a surprising source of stability. Equity REITs and Mortgage REITs were relative outperformers on the week following a strong start to third-quarter earnings season as three more REITs boosted dividends.
• This week's sell-off came despite better-than-expected economic data, underscored by a record 33.1% surge in third-quarter GDP growth as the United States continues to outperform essentially all other developed economies during the pandemic.

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