Core Insights - American Express reported strong fourth-quarter performance, driven by retail, restaurants, and premium travel, with millennials and Gen Z now making up the largest share of U.S. consumer spending on its cards [1][4][3] Financial Performance - Fourth-quarter revenues increased by 10% to just under $19 billion, with total billed business rising 8% on a foreign-exchange adjusted basis [4] - Retail spending grew by 10%, luxury retail by 15%, and restaurant spending by 9%, with U.S. restaurant spending by U.S. consumer customers up more than 20% [4] - International markets contributed to growth, with spending up 12% FX-adjusted and transactions growing by 9% [5] Customer Demographics - The average age of new customers is 33 for the U.S. consumer Platinum card and 29 for the Gold card, indicating a long-term growth opportunity with younger customers [4] - Demand for premium products is reshaping the customer base, with younger card members carrying more spending weight [2][3] Business Segment Performance - Small business spending remained strong, while middle-market activity showed softness, consistent with broader industry trends [8][9] - American Express plans to expand digital tools and expense management capabilities for business customers, maintaining competitiveness in the small business and middle-market arena [9] Strategic Focus - The company is redirecting marketing efforts from lower-cost cash-back cards to fee-paying premium products, reflecting a multiyear strategy [5] - Travel bookings surged by 30% in the fourth quarter, attributed to the refresh of the Platinum card and increased cardholder engagement [7] Credit Performance - Delinquency and write-off rates remain below pre-pandemic levels, indicating strong portfolio quality [6] Future Outlook - American Express reaffirmed its revenue growth outlook for 2026, expecting growth of 9% to 10% [9]

Core Viewpoint - Mercedes-Benz is maintaining its premium strategy in China despite a pricing war that has led to a loss of market share to cheaper domestic models [1][4]. Group 1: Market Strategy - CEO Ola Kaellenius emphasized that the new electric GLC SUV will be crucial for regaining lost market share in China, the world's largest auto market [2]. - The company is committed to its premium pricing strategy, indicating that existing GLC customers will find the new electric model familiar in terms of pricing [3]. - Mercedes-Benz experienced a 19% decline in vehicle sales in China, with sales dropping to 140,400 units in Q2 2025 [3]. Group 2: Tariff Impact - The company is awaiting a reduction of U.S. auto import tariffs from 27.5% to 15%, which is part of a broader trade agreement with the European Union [4]. - Kaellenius expressed hope that the U.S. administration would soon sign an executive order to lower the tariffs, although he did not specify the financial impact of the tariffs on the company's results [5].