US consumer lenders, payment cos up as inflation cools in June

Happen

12/07/2023 14:26

** Shares of payments processors and consumer lenders in the
U.S. rise premarket after data showed consumer prices in June
rose below economists' forecast  
    ** Card companies, Visa  V.N , Mastercard  MA.N  and
American Express  AXP.N  up between 0.2% and 0.5% premarket
    ** Payments firms, PayPal  PYPL.O  and Block  SQ.N  advance
1.3% and 1.8% respectively; consumer lender LendingClub  LC.N 
up 2.05% and buy-now-pay-later co Affirm  AFRM.O  gains 3.2%    
    ** U.S. consumer prices rose modestly in June and registered
their smallest annual increase in more than two years as
inflation continued to subside 
    ** The CPI gained 0.2% last month after edging up 0.1% in
May, the Labor Department said on Wednesday
    ** Economists polled by Reuters had forecast the CPI rising
0.3% in June 
    ** Profitability at these companies is closely tied with
consumer spending strength, which comes under pressure at times
of high inflation 
    ** U.S. stock index futures sharply extended gains on
Wednesday after inflation data  .N 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))