Malls Lead Commercial Real Estate as Property Values Jump 13%

For years, the demise of the American mall felt like an open-and-shut case. But in a surprising twist for commercial real estate, malls are outperforming every other property type.

Over the past year, mall values jumped 13%—more than double the overall commercial market’s gains. Resilient consumer spending and smart pivots into luxury retail, dining and entertainment have helped bring shoppers back. Simon Property, the U.S.’s largest mall owner, is hitting record stock highs. As Kate King reports, the long-beleaguered mall business is having a moment.

For a look at what’s ahead in the markets: Starting today in The 10-Point, Spencer Jakab shares his morning read on the stocks, companies and trends he’s tracking. More on that below.

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Clinics and medspas, promising people transformational weight loss, are procuring and selling an experimental drug that hasn’t gotten through government approval, prompting serious safety concerns. Influencers promote Eli Lilly’s retatrutide as a superior weight-loss solution. The compound makes its way to the U.S. through a loosely regulated peptide industry fueled by Chinese suppliers. Regulators are trying to come to grips with this underground system. States like Ohio have started to crack down. While approved pharmaceuticals are subject to rigorous vetting, the same standards don’t apply to the black market, raising fears of potential contamination, mislabeling and unknown ingredients that could cause dangerous side effects, reports Alex Janin.

Imagine a crypto billionaire paying a supposed $4.5 million fee so he can marry a Hollywood star—and then hiring a celebrity lawyer to get the cash back when the romance fizzled. That, essentially, is the made-for-TMZ drama that has transfixed China over the past weeks, reports Stu Woo. The real-life cast features Justin Sun, a crypto titan known for elaborate publicity stunts; Jing Tian, a top Chinese actress who has crossed over into Hollywood; and Zhang Qihuai, a big-name lawyer who specializes in high-profile brawls.

Mallorca is a tourist paradise, with glittering turquoise seas, hidden coves and endless white-sand beaches that have been luring Europeans for generations. It is also the epicenter of Europe’s backlash to overtourism. Residents have taken to the streets and beaches repeatedly this summer to protest the growing flock of visitors. In peak summer months, the daily population can rise by 50%. The island wants to shed its reputation as a hot spot for British bachelor parties and package-holidayers and transform into a luxury destination for high-rolling tourists like Americans.

Reported losses from FBI cybercrime complaints last year. Many schemes originate overseas, but a surprising number come from inside the walls of U.S. prisons, where convicts are using contraband phones to scam people right from their cells.

Cricket, long regarded as the game of the English upper classes, is experiencing a revival north of the border—without some of its famously snooty traditions. In Scotland, they are playing it on the beach with beer breaks. Umpires wear shorts and flip-flops.

Today’s newsletter was curated and edited by Morgan Smith and Gary Mitchell in collaboration with Editor in Chief Emma Tucker. Got a tip for us? Here’s how to submit.