In today’s briefing:
- Lucror Analytics – Morning Views Asia
- U.S. Tariffs and Their Potential Impact on Cemex and Pemex
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Health and Happiness (H&H)
- In the US, the December JOLTS job openings unexpectedly declined to 7.6 mn (8.0 mn e / 8.2 mn revised p). The JOLTS lay-off and quits rates were stable at 1.1% and 2.0%, respectively, in December.
- Treasuries rallied yesterday, with yields declining 4-5 bps across the curve, on account of the weaker-than-expected JOLTS report.
U.S. Tariffs and Their Potential Impact on Cemex and Pemex
- Given the scale of these trade flows, any imposition of tariffs by the U.S. could create significant ripple effects on Mexico’s economic growth, investment climate, and employment
- In LTM September 2024, Cemex generated ~31% of its revenues in Mexico and 31% in the U.S., while 44% of its EBITDA came from Mexico and 29% from the U.S
- The U.S. market represents a meaningful portion of Pemex’s crude exports. In 2024, the company exported 460 kbd, accounting for 57.1% of total exports and 26.5% of total production
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