Goldman reiterate its Buy ratings on Visa (V) and MasterCard (MA) after China published a new rule that will allow foreign financial institutions to apply to clear local Yuan-denominated transactions. The firm said it believes the rule is broader and simpler than expected, raising the possibility that the card companies may be able to operate more freely than it had previously thought, and that the implementation is also earlier than the firm had expected. However, Goldman cautioned that more rules could still be implemented that could constrain day-to-day operations for Visa and MasterCard, which are both trading sharply higher following the Chinese rule announcement.

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Sees revenue growth in low double-digits, consensus $33.6B.

Reports Q2 revenue $8.8B, consensus $8.09B. Reports Q2 transactions processed $55.5B. Reports Q2 payments volume up 8%. "Visa delivered strong results in the second quarter, with net revenue up 10%, GAAP EPS up 12%, and non-GAAP EPS up 20%. Overall payments volume grew 8% and cross-border volume grew 16%, driven by stable consumer spending. As we head into the second half of the year and beyond, we remain focused on the trillions of dollars of opportunity in consumer payments and new flows and on continuing to deepen our partnerships with clients around the world by adding value across our network of networks," said CEO Ryan McInerney.