There's a new milestone in retail sector turmoil: Mall landlords — already plagued by plummeting foot traffic, and pushed over the edge by tenants' inability to pay rent because of the coronavirus — are filing for bankruptcy.
Driving the news: CBL & Associates Properties, which owns about 100 shopping centers across the country, and Pennsylvania Real Estate Investment Trust (PREIT), which has over two dozen locations primarily in the Northeast, filed for bankruptcy on Sunday.
With less than 24 hours until Election Day, there's one truth that applies to every federal elected official running for re-election, from President Trump to the furthest backbencher in Congress: They failed to produce the economic stimulus that almost everyone agrees is needed, including a second wave of PPP loans.
Why it matters: Coronavirus infections and hospitalizations are rising, including in areas that weren't hard hit earlier. Many small businesses and nonprofits have failed since negotiations began in earnest just before Labor Day, and more will fail as politicians sort through the election debris. This didn't need to happen.
Stonepeak Infrastructure Partners agreed to buy Astound Broadband, the sixth largest U.S. cable operator, from TPG Capital and Patriot Media Management for $8.1 billion (including $4.5 billion of debt).
Why it matters: TPG is expected to generate at least a 3x return, reflecting how cable companies have more than compensated for lost "bundle" revenue with higher-speed internet offerings for customers who are working or schooling from home.
Twitter on Monday provided more details about its policies around tweets that declare election results, and it named the seven outlets it will lean on to help it determine whether a race is officially called.
Driving the news: The list includes ABC News, AP, CNN, CBS News, Decision Desk HQ, Fox News and NBC News — all outlets that experts agree have verified, unbiased decision desks calling elections.
Nielsen Holdings is selling its retail measurement arm, Nielsen Global Connect, to private equity giant Advent International for $2.7 billion, in partnership with former TransUnion CEO Jim Peck, the company announced Sunday.
Why it matters: Nielsen was planning to spin off the retail business next year into an independent, public company, after pressure from activist investor Elliot Management. The sale to Advent will replace that effort.
Crude oil is trading at its lowest levels in over five months as new cases of COVID-19 are rising globally, a bearish sign for the recovery of petroleum demand.
Why it matters: The stalled (and now reversing) price recovery is ominous for the industry, including indebted U.S. producers that were struggling even before the crisis. This year has brought a slew of bankruptcies.
The Fed's meeting this week will carry extra significance after the European Central Bank all but promised it would further ease monetary policy this month, likely by cutting its already negative interest rates on deposits and adding to its already substantial quantitative easing program.
Why it matters: Whether or not the Fed chooses to expand its QE program, as governors have hinted at in recent weeks, will have an impact on every asset as the Fed's decision not to add to its current slate of stimulative policies is becoming increasingly uncommon among global central banks.
The fourth quarter is a major inflection point. The U.S. economy is moving out of its bounce-back recovery from the coronavirus depression and could be returning to slower growth and recovery or it could be moving toward a recession.
The state of play: We are about to see a second wave of job losses — this one more likely to permanently push millions out of the labor force, lower wages and leave long-lasting scars on the economy.
Asia's improved economic outlook is helping push stock markets in the region ahead of U.S. equity indexes.
Details: In fact, Asian equities are performing better even as markets sell off, which is normally highly negative for Chinese and other emerging Asian markets traditionally seen as more speculative and risky.
High-net-worth Americans are busy setting up trust funds, giving large gifts to heirs and philanthropies, and even selling family businesses as they brace for the tax hikes a Biden presidency might bring.
Why it matters: President Trump has jacked up the amount that people can leave tax-free to their heirs to record highs. If Biden wins, his tax shakeup would have ripple effects on how the wealthy buy and sell properties, allocate savings and investments, and give to charity.
President Trump vowed to overhaul the health care system, notably saying in one of his first post-election speeches that pharmaceutical companies were "getting away with murder" over their pricing tactics.
Yes, but: Four years later, not a lot has changed. If anything, the health care industry has become more financially and politically powerful.
Ted Fike and Justin Wilson have quietly stepped down as partners with SoftBank Vision Fund, in order to focus on SPACs with private equity firm Gores Group.
Why it matters: Gores Group is one of the most experienced blank-check investors, having bought Hostess Brands in 2016, and these hires suggest its new SPACs will kick the tires on high-growth tech unicorns.
