Business

We've frequently written about the growing supply problem in the major commercial real estate markets across the country (for example: NYC Commercial Real Estate Sales Plunge Over 50% As Owners Lever Up In The Absence Of Buyers).  Now it seems that Moody's is also growing somewhat concerned that growing supply, combined with waning demand and bubbly valuations, is a toxic combination for commercial office real estate projects and could result in disastrous consequences for the CMBS market.  Here are the highlights from Moody's:

A relatively stable day in energy markets as many other markets turmoiled, but as tonight's data hit, both WTI/RBOB kneejerked lower after API showed massive product inventory builds (despite a big crude draw).

API

Early in the European trading session, German media reported and Bloomberg confirmed that Special Counsel Robert Mueller had subpoenaed Deutsche Bank several weeks ago for details of transactions involving President Donald Trump, as well as documents relating to any accounts he might hold there.

Nearly three months after his last public address to investors, today "Bond King" Jeffrey Gundlach, CEO and CIO of DoubleLine Capital will host his latest free to the public webcast on the DoubleLine Total Return Fund titled, with with what we assume is a fair dose of sarcasm, "So Far So Good".

The webcast will start at 4:15 pm Eastern/1:15 pm Pacific today.

To resiter for the webcast, click on the image or this link.

The full slides are below:

http://www.scribd.com/embeds/366413139/content

Today was a day in the upside-down: Banks underperformed Tech; High tax underperformed Low tax; Momo outperformed Value; Nasdaq outperformed S&P; and VIX down with stocks down...