BUZZ-US card companies slide as trade tensions escalate

Reuters
04-09
BUZZ-US card companies slide as trade tensions escalate

** Shares of U.S. card companies fall premarket after China said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced

** Visa V.N down 2.1%, Mastercard MA.N loses 2.9% while American Express AXP.N sheds 3.2%

** Payment firms face the risk of weak credit card spending, as consumer confidence is expected to take a hit from economic uncertainties stoked by the trade war

** The stocks extend their losses from last week after U.S. President Donald Trump announced global reciprocal tariffs, with a brief break on Tuesday when shares rebounded on hopes of negotiation over tariffs

** Since Trump's "Liberation Day" speech, as of last close, Visa has lost 11%, Mastercard has lost 12.3% and American Express has lost 15.9%

(Reporting by Pritam Biswas in Bengaluru)

((Pritam.Biswas@thomsonreuters.com))

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