[5 books this morning] Selected news to read before starting work

Unemployment insurance in the USNumber of continuous beneficiariesThere were 1,839,000 people in the week ending 6/15, an increase of 18,000 compared to the previous week. It surpassed market expectations and reached a high level since the end of 2021. There were signs that the period for the unemployed to find work was lengthening. According to durable goods order statistics (preliminary figures) for May, non-defense capital goods excluding aircraft (Core capital goodsOrders for) fell 0.6% from the previous month, in line with the biggest rate of decline this year. Market expectations were up 0.1%. May'sSecond-hand housing sales contract indexIt fell unexpectedly and fell to a record low.

Of the US Atlanta Federal ReservePresident BosticWhile there are signs that the inflation rate has resumed declining, it was stated that interest rates are expected to continue to be cut once in the fourth quarter (October-December) by the end of the year. After stating that “inflation is still the biggest concern,” he said, “However, risk has been further balanced across the two major responsibilities of the authorities. It is necessary to consider that,” he said, “I intend to leave it up to the data to see what will happen in the future.”

As telecommuting becomes established, nearly a quarter of all office space in the US will be vacant by 2026,commercial real estateMoody's estimated that the value would decrease by 250 billion dollars (about 40 trillion yen). The US office vacancy rate is expected to rise to 24% in '26, from 19.8% in January-March (1st quarter) this year. The income of office lenders is expected to decrease by 8 billion to 10 billion dollars due to falling rents and a decrease in lease income, etc., and it is said that this could lead to “real estate value destruction” on a scale of 250 billion dollars.

The Bank of England (British Central Bank) reports on financial stabilityprivate equity(PE, unlisted shares) It warned that there are an increasing number of cases where companies that have received support from investment companies are “in a difficult situation.” The PE industry, which has risen to 8 trillion dollars (about 1280 trillion yen) in the world, is uncertain, and pressure due to rising interest rates is also intensifying. The British Central Bank stated that “it is necessary to improve risk management in part, including lenders of funds to the PE sector such as banks.”

Rice, a drugstore chain that is trying to rebuild its businessWalgreens・Boots Alliance lowered its performance guidance due to the deterioration of the retail environment. Plans for large-scale store closures have also been announced, but additional personnel cuts have not been specified. While the retail business is in a difficult situation, the company has been hit by an unstable situation due to intense turnover of executives in the past few years. Walgreens's stock price temporarily fell 25% in the US stock market on the 27th. It hit the lowest price since 1997 in terms of closing price.