Investors reacted badly to the latest quarterly figures from MasterCard, the world’s second largest credit-card company after Visa.
The underlying performance slightly exceeded expectations but investors were upset by a $1.8bn liability to settle an antitrust settlement with American Express, not that this came as a surprise.
They were also disturbed by signs of a slowdown in the US where the group has about half its business and where credit card transaction growth is being affected by the squeeze on US consumers.
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