Core Viewpoint - The Supreme Court's recent decision has significant implications for President Trump's political landscape, indicating that the ongoing conflict is far from resolved [1] Group 1 - The market reaction to the Supreme Court's ruling was anticipated, suggesting a level of predictability in investor sentiment regarding political events [1] - President Trump quickly responded to the ruling, indicating his intent to continue fighting against the legal challenges he faces [1]

Core Viewpoint - The structural financing assets in China and South Korea are expected to remain under pressure through 2026 due to ongoing uncertainties in global trade policies, although ratings are likely to remain stable due to risk mitigation measures and existing credit enhancement levels [4]. Group 1: Asset Performance Outlook - Fitch Ratings projects a "deterioration" in the asset performance outlook for China's RMBS and personal auto loans, as well as for South Korean credit cards, while Japan's personal auto loans are expected to have a "neutral" outlook [4]. - The weak economic and income growth prospects in China will exert pressure on RMBS and personal auto loan performance, exacerbated by industry-specific drivers [4]. - If global trade flows are disrupted again, it will further suppress consumer confidence and economic recovery prospects [4]. Group 2: Borrower Pressure and Economic Factors - The ongoing uncertainties in global trade will continue to pressure borrowers, leading to a slight weakening in the performance of unsecured assets in South Korea, despite some relief from loose monetary policies [4]. - In Japan, persistent inflation effects and rising interest rates will continue to pressure household repayment capacity in 2026, although overall asset performance is expected to remain stable [4]. Group 3: Rating Stability - The ratings for structural financing in China, Japan, and South Korea are expected to remain stable in 2026, supported by improved credit enhancement levels and existing structural protection measures [4].