Daily Brief Credit: Lucror Analytics - Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

The US Senate passed a temporary funding measure after a 60-40 vote yesterday, backed by eight centrist Democrats.
The Bill will still require approval from the House and the signature of President Donald Trump. Mr Trump said yesterday that the US was “getting close” to a trade deal with India.
US Treasury Secretary Scott Bessent downplayed concerns over high costs for consumers under the Trump administration, saying that it had inherited elevated price levels from the Biden administration, which he described as the worst in the past 40-50 years.

Cemex delivered strong 3Q25 results with revenue and EBITDA growth, improved margins, and lower leverage, reflecting solid execution under Project Cutting Edge and continued balance sheet strengthening.
Management reaffirmed 2025 guidance, expecting stable profitability, strong free cash flow, and leverage within the 1.5x–2.0x range, supported by cost efficiencies, disciplined capex, and gradual 2026 demand recovery.
Cemex bonds trade rich versus peers, limiting near-term upside; we maintain a Neutral stance, finding best value in the 5.200% 2030s given yield, duration, and credit fundamentals.

Visa and Mastercard have agreed to a landmark settlement that could end a decades-long legal standoff with U.S. merchants over credit card processing fees.
Filed in the Eastern District Court of New York, the settlement would cut interchange fees—typically between 2% and 2.5%—by 0.1 percentage points for five years and allow merchants more freedom in rejecting high-fee rewards cards.
If approved by the court, the settlement would end litigation dating back to 2005, resolving antitrust claims from merchants about the networks’ “honor-all-cards” rules and alleged anti-competitive practices.

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