MASTERCARD RETURNS TO PROFIT GROWTH AS TRAVEL AND ENTERTAINMENT SPENDING PICKS UP

Mastercard (MA.N) on Thursday reported a bigger-than-expected rise in second-quarter earnings helped by strong spending that helped the payments processor return to profit growth after a lukewarm start to the year. Customers, who had turned somewhat cautious on fears of a recession later this year, resumed spending heavily on travel and entertainment even as the U.S. Federal Reserve continued to raise interest rates that could still tip the economy into a slowdown.

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