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Global Trade: FedEx (NYSE:FDX) Slashes Profits; US and China File Cases Against Each Other With WTO

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Plus, reported trade statistics from across the globe, and more.

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FedEx gets a lot of attention from more than just FedEx investors, namely, as a bellwether for economic activity, as Business Insider points out. Joe Weisenthal, writing for the site, highlights some interesting comments made by Fred Smith on this week's company call. A few include:

On global trade output...

...fundamentally, what's happening is that exports around the world have contracted, and the policy choices in Europe and the United States and China are having an effect on global trade...what's really going on, is that exports and trade have gone down at a faster rate than GDP has.

On the shift from air freight to ship freight...

...as the Fed puts more money out there, people put more money into commodities and drive the price up. So you have products that are getting lower in value per pound, which is the key correlation for goods being moved by air. And so they're going on the water to an improved container liner system that's been developed over the last few few years.

On China...

I can tell you this on China. The locomotive that has driven China's growth is its export industry. And with the situation in Europe and, to a lesser degree, in North America, that is a significant issue for the Chinese economy...I've been somewhat amused watching some of the China observers, I think, completely underestimate the effects of the slower exports on the overall China economy.
No positions in stocks mentioned.
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