Slump across the board?
Reuters reports that Fedex lost approximately USD 12.5 billion in market capitalisation after it withdrew its original financial forecast on 16 September 2022 and predicted a USD 500 million drop in turnover for 2022.
However, some bank analysts did not agree with Fedex’s argument that a global recession is looming. They blamed management mistakes like the lax handling of cost structures. Other logistics companies listed on the stock market remain under pressure. The shares of Hapag-LLoyd lost 9.99% over the last five days, Kuehne + Nagel 8.8%, XPO Logistics 9.8% and C.H. Robinson 5.27%, to name but a few.
For the big players in the logistics industry the outlook is clear, since the World Bank recently confirmed that the world's three largest economies - USA, China, and the euro area - have been experiencing a steep slowdown. They said that even a "moderate hit to the global economy over the next year could tip it into recession." (sh)