Market Beats | U.S. Mortgage Rates Rebound Sharply; Morgan Stanley Shares Jump 8%; Rockefeller Center Secures $3.4B Refinancing; Apple’s Chief HR Officer Resigns; Extell Buys Madison Avenue Office Tower

1. U.S. Mortgage Rates Jump to Highest Since February

2. Traders Increase Bets on Trump Win in U.S. Election

3. Morgan Stanley Stock Surges 8% on Strong Earnings

4. Disney Launches $400 Line-Skipping Pass

5. Rockefeller Center Secures $3.4B CMBS Refinancing

6. Apple’s Chief People Officer to Exit After Less Than 2 Years

7. Extell Buys Madison Avenue Tower, Plans Luxury Condo Redevelopment

1. U.S. Mortgage Rates Jump to Highest Since February

According to the Mortgage Bankers Association (MBA), the average 30-year fixed mortgage rate rose 16 basis points to 6.52% in the week ending October 11 — the highest since early February. Over the past two weeks, rates have climbed a total of 38 basis points.

Mortgage rates tend to follow Treasury yields, which have risen due to persistent inflation and a robust labor market lowering the likelihood of near-term Fed rate cuts.

The MBA’s Purchase Index fell 7.2%, while the Refinance Index plunged 26% — the steepest drop since March 2020 — highlighting renewed pressure on the housing market.

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2. 交易员上调特朗普胜算

With less than three weeks until the U.S. election, traders are positioning for a potential Trump victory.

Peter Branner, CIO at Abrdn, noted that a Trump win would likely mean higher yields, a stronger dollar, and elevated inflation — though equity market reactions remain uncertain.

Wall Street believes Trump’s “America First” trade policies could strain global economies while boosting U.S. competitiveness.

Goldman Sachs has already compiled a GOP-sensitive stock basket, predicting an 8% rally if Trump wins.

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3. Morgan Stanley Stock Surges 8% on Strong Earnings

Morgan Stanley reported better-than-expected Q3 results, with trading revenue up 13% and wealth management revenue hitting a record $7.27 billion. Net new assets totaled $64 billion.

CFO Sharon Yeshaya said the capital markets outlook remains constructive and there’s still “plenty of room to grow.”

Shares jumped as much as 8.2% — the biggest single-day gain since November 2020 — bringing the YTD gain to 29%.

The bank’s fixed-income division brought in $2 billion in revenue, ranking fifth on Wall Street.

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4. Disney Launches $400 Line-Skipping Pass

迪士尼主题公园计划推出全新免排队通票，售价为400美元。

Disney is rolling out a new $400 fast-track pass at its California and Florida theme parks starting October 23.

The premium ticket allows visitors to bypass long queues for many popular attractions — some of which have wait times of several hours.

Disney says the number of daily passes will be extremely limited. The $400 price is valid through December 31, after which pricing may change based on demand.

Earlier this month, Disney raised standard ticket prices by 6%, with peak-day tickets now as high as $206.

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5. Rockefeller Center Secures $3.4B CMBS Refinancing

Owners of New York’s iconic Rockefeller Center — Tishman Speyer and Henry Crown — are issuing $3.4 billion in CMBS (commercial mortgage-backed securities), with pricing expected Thursday.

The deal will rank among the five largest single-asset CMBS transactions since 2014.

Wells Fargo and Bank of America are leading the bond sale. Investor interest in CMBS has surged this year, with issuance up 160% YoY.

High-quality landmark properties like Rockefeller Center remain highly attractive to institutional buyers.

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6. Apple’s Chief People Officer to Exit After Less Than 2 Years

Carol Surface, Apple’s Chief People Officer, is stepping down after less than two years with the company. The role was created specifically for her in early 2023 to oversee HR, diversity & inclusion, and recruiting.

Fewer than 20 executives report directly to CEO Tim Cook, and Surface’s departure adds to the recent leadership shakeups at Apple.

Later this year, CFO Luca Maestri is also expected to retire.

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7. Extell Buys Madison Avenue Tower, Plans Luxury Condo Redevelopment

Luxury developer Extell Development has acquired the 655 Madison Avenue office tower for over $200 million from Williams Equities. Backed by Elliott Management’s Tyko Capital, Extell plans to demolish the 24-story building and replace it with a luxury mixed-use tower.

The building, originally constructed in the 1950s, is in a prime retail location near Manhattan’s Fifth Avenue, where luxury brands maintain long-term leases.

While older office buildings in NYC face high vacancy rates, demand for luxury residential property remains strong.

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.