Property shares rose with the market.
Tokyo office rents rose at the fastest pace in 35 years.
Mortgage rates did not fall.
In Hong Kong, weak industrial demand is pushing factory sites towards housing.
The bigger picture. Real estate rallied on mood, not on rates. Without lower yields, today's inflation figure decides whether the move holds.
We are confident the war has, for now, stopped setting the oil price. We are less sure how long the outflow from Binance lasts, but the other big exchanges look steady. On Sunday we expected the weekend's attacks to matter more for oil than they did; that call was wrong.
Prices quoted here are Monday's closing levels unless we say they come from early Tuesday trading.
What could change this. Against this: a soft inflation print would finally pull mortgage rates down.
So-what: Property shares need lower rates to keep rising.
What to watch. US inflation; mortgage rates; Tokyo rents.