Finance

China on Friday announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle local government debt problems, while signaling more economic support would come next year.
The debt swap program, however, fell short of many investors’ expectations for more direct fiscal support.

BEIJING – China on Friday announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle local government debt problems, while signaling more economic support would come next year.
Minister of Finance Lan Fo’an told reporters Friday that authorities planned to “actively use” the available deficit space that can be expanded next year. He called back to October, when he had said that the space to take this step was “rather large.”

His comments, translated by CNBC, came after the standing committee for China’s parliament, the National People’s Congress, on Friday wrapped up a five-day meeting that approved a proposal to allocate an additional 6 trillion yuan to increase the debt limit for local governments.
The program takes effect this year and will run through the end of 2026 for around 2 trillion yuan a year, Lan told reporters.
He added that, starting this year, central authorities would issue an annual 800 billion yuan in local government special bonds over a five-year stretch, for a total of 4 trillion yuan.
The policies would contribute to local governments’ efforts to reduce their so-called “hidden debt,” which Lan estimates could drop from 14.3 trillion yuan as of the end of 2023 to 2.3 trillion yuan by 2028, Lan said. He noted how the new measures would alleviate pressure on local authorities and free up funds for supporting economic growth.
“The local government’s hidden debt resolution measures introduced by China today are a concrete manifestation of the central government’s economic policy shift, with a total debt amount beating market expectations, to a certain extent,” said Haizhong Chang, executive director for corporates at Fitch Bohua.

“Compared with the amount of debt resolution in recent years, the scale is significantly larger this time,” he said.
The debt swap program, however, fell short of many investors’ expectations for more direct fiscal support. The iShares China Large-Cap ETF (FXI) was nearly 5% lower in premarket trading.
“While the market may have to wait for more substantial policy changes, the potential for future monetary and fiscal measures remains,” Chaoping Zhu, Shanghai-based global market strategist at J.P. Morgan Asset Management, said in a note. “Factors such as a deep stock market correction, export headwinds, or mounting fiscal pressures on local governments could serve as catalysts for policy escalation.”

Stimulus steps

Authorities here have ramped up stimulus announcements since late September, fueling a stock rally. On Sept. 26, President Xi Jinping led a meeting that called for strengthening fiscal and monetary support and stopping the real estate market slump.
While the People’s Bank of China has already cut several interest rates, the country’s fiscal policy governed by the Ministry of Finance would require major increases in government debt and spending, which need parliamentary approval.
During a similar meeting in October of last year, authorities had approved a rare increase in China’s deficit to 3.8%, from 3%, according to state media. This year’s gathering did not announce such a change.
Daily official readouts of the parliamentary meeting this week had said officials were reviewing the proposal to increase the local government debt limit to address hidden debt.
Analysts expect an increase in the scale of fiscal support after Donald Trump — who has threatened harsh tariffs on Chinese goods — won the U.S. presidential election this week. But some are still cautious, warning that Beijing may remain conservative and not issue direct support to consumers.
“We don’t expect policymakers to increase stimulus this year, as they need to know more about the new U.S. trade policy,” Larry Hu, chief China economist at Macquarie, said in a report Friday. “As such, the NPC meeting this week focused on debt swap rather than new stimulus.”
When discussing planned fiscal support at a press conference last month, Lan emphasized the need to address local government debt problems.

Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and expects Beijing could allow local authorities to increase deb issuance by 10 trillion yuan over the next few years.
That could save local governments 300 billion yuan in interest payments a year, Nomura said.
In recent years, the country’s real estate slump has drastically limited a significant source of local government revenues. Regional authorities have also had to spend on Covid-19 controls during the pandemic.
Even before then, local Chinese government debt had grown to 22% of GDP by the end of 2019, far more than the growth in revenue available to pay that debt, according to an International Monetary Fund report. More

Jeffrey Gundlach speaks at the 24th Annual Sohn Investment Conference in New York, May 6, 2019.
Adam Jeffery | CNBC

DoubleLine Capital CEO Jeffrey Gundlach said Thursday that interest rates could shoot higher if Republicans end up controlling the House, securing a governing trifecta that gives President-elect Donald Trump free rein to spend as he pleases.
Gundlach, a noted fixed-income investor whose firm manages over $96 billion, believes the higher government spending would require more borrowing through Treasury issuance, putting upward pressure on bond yields.

“If the House goes to Republicans, there’s going to be a lot of debt, there’s going to be higher interest rates at the long end, and it’ll be interesting to see how the Fed reacts to that,” Gundlach said on CNBC’s “Closing Bell.”
The race to control the House is undecided as of Thursday after Republicans clinched their new Senate majority. The Federal Reserve cut rates Thursday, and traders expect the central bank to cut again in December and several times in 2025.
Notable investors such as Gundlach have been voicing concerns about the challenging fiscal situation. Fiscal 2024 just ended with the government running a budget deficit in excess of $1.8 trillion, including more than $1.1 trillion dedicated solely to paying financing costs on the $36 trillion U.S. debt.
“Trump says he’s going to cut taxes … he’s very pro cyclical stimulus,” Gundlach said. “So it looks to me that there will be some pressure on interest rates, and particularly at the long end. I think that this election result is very, very consequential.”
If the Trump administration extends the 2017 tax cuts or introduces new reductions, it could add a significant amount to the nation’s debt in the next few years, worsening the already troublesome fiscal picture.

Still, Gundlach, who had predicted a recession in the U.S., said the Trump presidency makes such an economic downturn less likely.
“I do think that it’s right to see the Trump victory as being as reducing the odds for near-term recession fairly substantially,” Gundlach said. “Certainly, the odds of recession drop when you have this type of agenda being promoted in plain English for the past three months by Mr. Trump.” More

Expectations for a December interest rate cut remained strong after the Federal Reserve trimmed rates by a quarter percentage point in November.
On Thursday afternoon, the U.S. central bank lowered the federal funds rate to a target range of 4.5% to 4.75%.

Federal Reserve Chair Jerome Powell speaks during a news conference following the Nov. 6-7, 2024, Federal Open Market Committee meeting at William McChesney Martin Jr. Federal Reserve Board Building in Washington, D.C., on Nov. 7, 2024.
Andrew Caballero-Reynolds | AFP | Getty Images

Expectations for a December interest rate cut remained strong after the Federal Reserve trimmed rates by a quarter percentage point in November, but market pricing is suggesting the likelihood of a “skip” in January.
On Thursday afternoon, the U.S. central bank lowered the federal funds rate, which determines what banks charge each other for overnight lending, to a target range of 4.5% to 4.75%.

Before the Fed released this decision at 2 p.m. ET, market pricing pointed toward a 67% chance of another quarter-point cut in December and a 33% chance of a pause that month, according to the CME FedWatch Tool.
The probability of a quarter-point December rate cut rose to more than 70% following the meeting, while the chances of a pause slipped to nearly 29%. Future rate probabilities found in the CME FedWatch Tool are derived from trading in 30-day fed funds futures contracts.
Meanwhile, the odds that the Federal Reserve would skip an interest rate cut in January was around 71%. This was slightly higher from 67% before the release of the Fed’s November decision on Thursday afternoon.
— CNBC’s Jeff Cox contributed to this report.

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The Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%.
The vote was unanimous. Fed officials have justified the easing mode for policy as they view supporting employment becoming at least as much of a priority as arresting inflation.

WASHINGTON — The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to right-size monetary policy.
In a follow-up to September’s big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%. The rate sets what banks charge each other for overnight lending but often influences consumer debt instruments such as mortgages, credit cards and auto loans.

Markets had widely expected the move, which was telegraphed both at the September meeting and in follow-up remarks from policymakers since then. The vote was unanimous, unlike the previous move that saw the first “no” vote from a Fed governor since 2005. This time, Governor Michelle Bowman went along with the decision.
Stocks closed positive after the meeting wrapped, with the Nasdaq, whose holdings are tilted towards the tech sector, rallying 1.5% to lead the major averages. Both the Nasdaq and the S&P 500 closed at record highs. Treasury yields plunged after roaring higher the day before.
The post-meeting statement reflected a few tweaks in how the Fed views the economy. Among them was an altered view in how it assesses the effort to bring down inflation while supporting the labor market.
“The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance,” the document said, a change from September when it noted “greater confidence” in the process.

Recalibrating policy

Fed officials have justified the easing mode for policy as they view supporting employment becoming at least as much of a priority as arresting inflation.

The statement slightly downgraded the labor market, saying “conditions have generally eased, and the unemployment rate has moved up but remains low.” The committee again said the economy “has continued to expand at a solid pace.”
Officials have largely framed the change in policy as an attempt to get the rate structure back in line with an economy where inflation is drifting back to the central bank’s 2% target while the labor market has shown some indications of softening. Fed Chair Jerome Powell has spoken of “recalibrating” policy back to where it no longer needs to be as restrictive as it was when the central bank focused almost solely on taming inflation.
“This further recalibration of our policy stance will help maintain the strength of the economy and the labor market and will continue to enable further progress on inflation as we move towards a more neutral stance,” Powell said at his post-meeting news conference.
There is uncertainty over how far the Fed will need to go with cuts as the macro economy continues to post solid growth and inflation remains a stifling problem for U.S. households.
Gross domestic product grew at a 2.8% pace in the third quarter, less than expected and slightly below the second-quarter level, but still above the historical trend for the U.S. around 1.8%-2%. Preliminary tracking for the fourth quarter is pointing to growth around 2.4%, according to the Atlanta Fed.
Generally, the labor market has held up well. However, nonfarm payrolls increased by just by 12,000 in October, though the weakness was attributed in part to storms in the Southeast and labor strikes.The decision comes amid a changing political backdrop.
President-elect Donald Trump scored a stunning victory in Tuesday’s election. Economists largely expect his policies to pose challenges for inflation, with his stated intentions of punitive tariffs and mass deportations for undocumented immigrants. In his first term, however, inflation held low while economic growth, outside of the initial phase of the Covid pandemic, held strong.
Still, Trump was a fierce critic of Powell and his colleagues during his first stint in office, and the chair’s term expires in early 2026. Central bankers assiduously steer clear of commenting on political matters, but the Trump dynamic could be an overhang for the course of policy ahead.
An acceleration in economic activity under Trump could persuade the Fed to cut rates less, depending on how inflation reacts.
Powell said the new administration won’t factor directly into monetary policy.
“In the near term, the election will have no effect on our policy decisions,” Powell said. The November meeting was moved back a day due to the election.
Powell also said he would not step down even if the president-elect asked for his resignation. He ended the news conference a bit shorter than usual after being peppered with questions about the incoming administration.

Pace of future cuts

Questions have arisen over what the “terminal” point is for the Fed, or the point at which it will decide it has cut enough and has its benchmark rate where it is neither pushing nor holding back growth. Traders expect the Fed likely will approve another quarter-point cut in December then pause in January as it assesses the impact of its tightening moves, according to the CME Group’s FedWatch tool.
“We interpret the statement overall as pointing to a steady-as-she-goes policy path for now as policymakers take their time to digest emerging Trump shocks to economic policy, financial conditions and animal spirits, with another cut in December a good base case,” said Krishna Guha, Evercore ISI vice chairman.
The FOMC indicated in September that members expected a half percentage point more in cuts by the end of this year and then another full percentage point in 2025. The September “dot plot” of individual officials’ expectations pointed to a terminal rate of 2.9%, which would imply another half percentage point of cuts in 2026.
Even with the Fed lowering rates, markets have not responded in kind. Treasury yields have jumped higher since the September cut, as have mortgage rates. The 30-year mortgage, for instance, has climbed about 0.7 percentage point to 6.8%, according to Freddie Mac. The 10-year Treasury yield is up almost as much.
The Fed is seeking to achieve a “soft landing” for the economy in which it can bring down inflation without causing a recession. The Fed’s preferred inflation indicator most recently showed a 2.1% 12-month rate, though the so-called core, which excludes food and energy and is generally considered a better long-run indicator, was at 2.7%.

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This is a comparison of Thursday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting in September.
Text removed from the September statement is in red with a horizontal line through the middle.

Text appearing for the first time in the new statement is in red and underlined.
Black text appears in both statements.

Arrows pointing outwards More

Wall Street dealmakers and corporate leaders expect the flood gates to open on merger and acquisition activity after President-elect Donald Trump takes office in January.
Deal-making has slowed in recent years, largely due to high interest rates, soaring company valuations and a tight regulatory environment.
Kroger’s takeover of Albertsons and Tapestry’s proposed acquisition of Capri have both been scrutinized by regulators and could have a clearer path under a Trump presidency.

Attendees cheer as a broadcast of former US President and Republican presidential candidate Donald Trum speaking at his Florida election party is shown on a screen at the Nevada GOP election watch party in Las Vegas, Nevada on November 6, 2024. 
Ronda Churchill | Afp | Getty Images

Wall Street dealmakers and corporate leaders expect the flood gates to open on merger and acquisition activity after President-elect Donald Trump takes office in January.
And he’ll likely have congressional help. Trump defeated Democratic candidate Vice President Kamala Harris, and Republicans claimed a majority of the Senate in elections this week. That red wave is expected to spell loosening regulations on deal-making, with plenty of pent-up demand.

“We know kind of where the world is headed in a Trump environment because we’ve seen it before,” said Jeffrey Solomon, president of TD Cowen, on CNBC’s “Money Movers” Wednesday. “I think the regulatory environment will be much more conducive to economic growth. There will be lighter and targeted regulation.”
Solomon added that the scaled-back regulation will be focused on certain areas “of particular interest to the Trump administration,” rather than a broad based reassessment of the entire landscape.
In recent years, there has been greater scrutiny of pending deals by the Biden administration’s Department of Justice and Federal Trade Commission, headed by Chair Lina Khan. Some have pointed to that dynamic as a chilling factor on deal flow. High interest rates and soaring company valuations have contributed, too.
Khan said in September that “when you see greater scrutiny of mergers, you can see greater deterrence of illegal mergers.” Her hard line has drawn harsh criticism, but now, there’s optimism around a forthcoming FTC with a lighter hand.
“Assuming interest rates drop and you see corporate tax rates go down, the ingredients are there for a really active M&A market,” said one top dealmaker, who talked to CNBC on the condition of anonymity to speak candidly.

On Wednesday, markets rallied on the Republican presidential win, with the Dow Jones Industrial Average soaring 1,500 points to a new record high.

Sector specific

Some sectors, including financial and pharmaceutical industries in particular, are likely to get a lift under a second Trump regime, experts said.
Pharmaceutical executives are especially optimistic that lighter antitrust enforcement could clear the way for deal-making, said one health-care-focused M&A advisor, who added that antitrust enforcement could have “hardly gotten worse” under either administration but now believes things will improve “meaningfully.”
Khan has taken on scores of biopharma mergers over the last four years, arguing that monopolies will stifle the development of new drugs in certain disease areas and hurt consumer choice. Biotech company Illumina last year said it would divest diagnostic test maker Grail after heated battles with the FTC and European antitrust regulators.
Also last year, the FTC blocked Sanofi’s proposed acquisition of a drug in development for Pompe disease, a genetic condition, from Maze Therapeutics. Sanofi ultimately terminated that deal.
“Whether or not Lina Khan is bounced day one is a key consideration, but even if fewer changes at the FTC take place, there is no doubt this administration — at least on paper — will be far more amicable when it comes to business combinations,” Jared Holz, Mizuho health-care equity strategist, said in an email on Wednesday.
One top dealmaker expected an M&A uptick broadly, but agreed that pharmaceuticals and the financial sector were particularly poised for a resurgence. That deal-maker also noted that with the Senate flipping, more outspoken antitrust voices like Sen. Elizabeth Warren, D-Mass., could find it more difficult to push for DOJ or FTC investigations.
In the financial sector regional banks recognize the need for scale, making them likely candidates for consolidation, said one former industry executive, noting that smaller banks had been getting gobbled up for “some time.” That person expects the pace and size of those acquisitions to ramp up under a Trump presidency.
Other industries, such as tech, may still face an uphill battle in getting deals done.
One M&A advisor, who also spoke to CNBC anonymously, noted that Trump’s disdain for Big Tech companies — historically active deal-makers — might keep them on the sidelines. On Wednesday, tech leaders took to social media to congratulate Trump.
Apparent GOP opposition to the CHIPS Act means that semiconductor consolidation might be challenging, the advisor noted, while cautioning it is still too early to know what a Trump presidency would mean. CNBC previously reported that Qualcomm recently approached Intel about a potential takeover.
“I think the simplest way to put it is more deals, less regulation with the administration having its thumb on the scale, perhaps with a willingness to pick winners and losers,” said Jonathan Miller, chief executive of Integrated Media, which specializes in digital media investments.

Eyes on retail, media

David Zaslav at the Allen & Company Sun Valley Conference on July 9, 2024 in Sun Valley, Idaho.
David Grogan | CNBC

A Trump presidency could usher in a number of retail deals that have been hamstrung by the FTC. Kroger’s bid to take over grocery chain Albertsons could have a better chance of getting approved under Trump, as could Tapestry’s proposed acquisition of Capri.
The merger between Kroger and Albertsons is currently under review by a federal judge, while Tapestry is working to appeal a federal order that granted the FTC’s motion for a preliminary injunction against the tie-up.
“The hostile approach of the FTC to mergers and acquisitions will almost certainly be reset and replaced with a worldview that is more favorable to corporate dealmaking,” said GlobalData managing director Neil Saunders. “This does not necessarily mean that big deals like Kroger-Albertsons will be waved through, but it does mean others like Tapestry-Capri will receive a far warmer reception than they have under the Biden administration.”
Meanwhile, ongoing turmoil in the media industry has led many to consider consolidation as the next step for the sector.
Warner Bros. Discovery CEO David Zaslav on Thursday highlighted opportunities that could come up if regulations were to loosen, doubling down on comments he made earlier this year at Allen & Co.’s annual Sun Valley conference.
“We have an upcoming new administration. … It’s too early to tell, but it may offer a pace of change and opportunity for consolidation that may be quite different, that would provide a real positive and accelerated impact on this industry that’s needed,” Zaslav said on an earnings call.
Broadcast station group owner Sinclair on Wednesday echoed a similar sentiment.
“We’re very excited about the upcoming regulatory environment,” CEO Chris Ripley said during an earnings call. “It does feel like a cloud over the industry is lifting here.”
Still, the track record between the previous Trump administration and the Biden administration for media industry deals is split.
Trump’s DOJ allowed Disney to buy Fox’s assets, but then sued to block AT&T’s deal for Time Warner.
Under the Biden administration, Amazon’s $8.5 billion deal for MGM and the merger of Warner Bros. and Discovery Communications were both waved through, but a federal judge blocked the $2.2 billion sale of Simon & Schuster to Penguin Random House.
Skydance Media and Paramount Global agreed to merge earlier this year and expect to receive regulatory approval in 2025. More

“The Chinese side is willing, on the basis of mutual respect, peaceful coexistence and win-win cooperation, to increase communication with the U.S., expand cooperation and resolve differences,” a China’s Ministry of Commerce spokesperson said Thursday.
She was responding to a question about China’s views and planned countermeasures given the potential for increased U.S. tariffs and restrictions on high-end tech.
Washington turned tougher on Beijing under Donald Trump’s first four-year term. While campaigning this year for his second term, the president-elect threatened additional tariffs on Chinese goods.

U.S. President Donald Trump and China’s President Xi Jinping at the G20 leaders summit in Japan on June 29, 2019.
Kevin Lamarque | Reuters

BEIJING — China emphasized the need for greater cooperation with the U.S., a day after it became clear President-elect Donald Trump would become the next leader of the White House.
“The Chinese side is willing, on the basis of mutual respect, peaceful coexistence and win-win cooperation, to increase communication with the U.S., expand cooperation and resolve differences,” He Yongqian, spokesperson at China’s Ministry of Commerce, told reporters Thursday in Mandarin, according to a CNBC translation.

She was responding to a question about China’s views and planned countermeasures, given the potential for increased U.S. tariffs and restrictions on high-end tech.
“Together [we can] push China-U.S. economic and trade relations toward a stable, healthy and sustainable direction, for the benefit of both countries and the world,” the commerce spokesperson said.
Her comments echoed those of Chinese President Xi Jinping, who earlier in the day noted the benefits of bilateral cooperation in a congratulatory message to Trump, according to a Ministry of Foreign Affairs readout.

Washington turned tougher on Beijing under Trump’s first four-year term that began in 2017. This year, the president-elect threatened additional tariffs on Chinese goods while campaigning for his second mandate.
Yue Su, principal economist at the Economist Intelligence Unit, said Trump will likely impose such tariffs in the first half of next year. She added that the Whiote House leader could speed up the process by invoking the International Emergency Economic Powers Act or Section 122 of the Trade Act of 1974, which allows the president to impose tariffs of up to 15% in response to a serious balance-of-payments deficit.

Other analysts are less concerned about a significant increase in U.S. tariffs targeting China.
“Trump’s current tariff proposal is likely the worst-case scenario,” David Chao, Global Market Strategist, Asia Pacific (excluding Japan) at Invesco, said in a note Thursday. “I suspect the new administration will hold off imposing these tariffs in order to win concessions, whether that may be more purchases of American soybeans or even geopolitical ones.”
He added, “More so, I don’t think Trump’s proposed 60% tariff policy on China will significantly impact [multinational corporations’] confidence or sentiment.”
Chao nevertheless said that a potential 10% tariff on all exports to the U.S. would likely have a bigger impact, weakening global demand and hitting China and the rest of Asia. More

Adyen, whose technology allows businesses to accept payments online and in-store, reported third-quarter net revenue of 498.3 million, up 21% year-on-year.
Despite the bumper sales number, shares of Adyen fell more than 6% Thursday off the back of a slowdown in transaction volume growth.
Last August, Adyen shares tanked nearly 40% in a single day on the back of worse-than-expected sales and declining profits.

Adyen reported a big miss on first-half sales Thursday. The news drove a $20 billion rout in the company’s market capitalization .
Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images

Adyen shares sank Thursday after the company reported a slowdown in the growth of its transaction volumes in the third quarter.
Shares of Adyen fell nearly 6% Thursday after the company’s third-quarter report, paring losses of as much as 11% during earlier in the trading session. The stock initially failed to trade when markets opened in Amsterdam.

Adyen’s sales growth came off the back of a rise in total processed volume (TPV), which climbed 32% year-over-year to 321 billion euros. In the first half, Adyen posted a 45% jump in TPV, after previously reporting 46% year-over-year growth in the first quarter.
Analysts at Citi said in a research note that “weaker” transaction volume was likely to attract most of the focus from investors Thursday, amid concerns over end-market weakness.
“Either way, the take rate on the processed volume is comfortably higher than expected and, if sustainable, should support sales growth acceleration in 2025/26, while the lower run-rate of hiring should support continued margin uplift,” they wrote.

Digital processed volumes grew 29% year-over-year, Adyen said, lower than in the previous quarter due to impacts from a single large-volume customer, Block’s Cash App.
The company otherwise reported a jump in sales in the third quarter as the Dutch payments firm gained wallet share and added new customers, diversifying its merchant mix. Adyen, whose technology allows businesses to accept payments online and in-store, reported third-quarter net revenue of 498.3 million euros ($535.5 million), up 21% year-on-year on a constant currency basis.

The firm observed stronger traction from in-store payments in the third quarter, with its “unified commerce” point-of-sale terminals seeing 33% year-over-year growth, as it installed base of physical payment devices increased by 46,000 to 299,000.
Adyen also said that it expanded hiring slightly, adding 35 new people in the quarter. The firm has been slowing hiring in the past year following concerns over its pace of investment.

Last year, the Dutch payments giant’s shares tanked nearly 40% in a single day on the back of worse-than-expected sales and declining profits in the first half of 2023

.
Payments firms saw a boost from an increase in online shopping during the height of the Covid-19 pandemic.
But in recent years, companies such as Adyen have faced pressure from lower consumer spending.
Adyen, however, has benefited from significant growth from partnerships with its North American clients, such as Cash App in the U.S. and Shopify in Canada.
Adyen kept guidance unchanged Thursday, saying it expects to achieve net revenue growth between the low to high-twenties percent, up to and including 2026.
The firm added it expects to improve its earnings before interest, tax, depreciation and amortization to levels above 50% by 2026. Capital expenditure will remain consistent at a level of up to 5% of net revenues, Adyen said. More