As reported by MacroEdge over the past week. CRE office...

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    As reported by MacroEdge over the past week.

    CRE office construction starts dropped to an all-time low in the first quarter, per ResiClub Analytics / JLL
    https://x.com/MacroEdgeRes/status/1794059451248353591

    CMBS delinquency rose to 6.4% in April, the highest level since 2018 The market also saw its first AAA loss.


    * Takeda Pharma is laying off around 650 employees

    * EV-maker Lucid will eliminate around 400 employees, or 6% of its workforce
    Auto debt hit a record $1.6 trillion at the end of Q1, and 1 in 12 automotive loans have fallen into delinquency, a trend seen before past default cycles, per the NY Fed

    * Nissan Motor Co. has paused production plans to build its electric vehicles in the United States, per an internal memo

    * Bombardier Recreational Products is laying off hundreds of employees - its second round of job cuts - as boat purchases come to a standstill

    * The Venetian in Las Vegas has reportedly laid off some corporate employees

    * Starwood’s REIT has tightened redemption limits to prevent further liquidity from exiting

    * Pfizer has rolled out a new $1.5 billion cost reduction program which will likely result in thousands of job cuts

    * Dynata, a data and research platform company, has filed for bankruptcy protection

    * Walmart had laid off 1,472 employees in Texas. Walmart is reportedly closing up to 8 additional stores, affecting over 1,000 employees

    * Tommy’s Boats, a a large boat dealership chain with locations around the country, has filed for bankruptcy with >$500mm in liabilities and a Michigan court has ordered the company into receivership leaving customers with deposits in limbo.

    * TikTok will terminate over 1,000 employees beginning May 23

    * UBS has begun laying off employees in the United States. Layoffs under Swiss banking giant UBS's cost-cutting program will take place in five waves this year starting in June, with around 30-35,000 employees affected in total

    * Red Hat - an IBM software subsidiary - will undergo ‘rightsizing’ (layoffs) of its workforce to accommodate slower product development and maintenance

    * Pixar Animation Studios will eliminate 14% of its workforce

    * 2U Education is reportedly undergoing substantial layoffs

    * Accounting and ‘advisory’ major Grant Thornton is laying off 3.5% of its workforce

    * Chesapeake Energy, a top U.S. natural gas producer, began laying off hundreds of employees today

    * A source has reported an additional round of layoffs have been announced at John Deere in Waterloo, affecting hundreds of employees

    * Jamie Dimon says he is cautiously pessimistic on the economy. “I personally think inflation is a little bigger than people think and that rates may surprise people"
    JPMorgan CEO Jamie Dimon in China speech says U.S. could see a ‘hard landing,’ stagflation will be ‘worst outcome’

    ...finally, the Euphoriameter is getting extreme
    https://x.com/MacroEdgeRes/status/1792402392136429738
 
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