Markets are being hit with a double whammy this morning: multi-year high in Treasury yields, and earnings. With 20% of the S & P reporting, earnings overall have been better than feared. But there have been several disappointments in the past twelve hours. American Express is a good example of investors focusing on one issue: loan loss provisions. Earnings and revenues were higher than expected. Spending was strong , new card growth was good.
But AmEx set aside $778 million for potential future losses, nearly $200 million higher than expected. That set everyone thinking that spending would slow, and defaults would be higher. You would think luxury would be in great shape. "Revenge partying goes on!" Robert Ottenstein at Evercore ISI said in a note, commenting late last night on very strong earnings from French spirits maker Pernod Ricard. Pernod volumes were strong, and prices were higher. Much higher. In the U.S.
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