Executives at FedEx, BMW and UBS are describing bleak macro-economic conditions around the world this week.
div > div.group > p:first-child"> With an ongoing trade war between the U.S. and China, Brexit uncertainty weighing on Europe and the U.K., and new weakness out of Japan, a group of business leaders say it's harder than ever to rake in profits.
"Slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue," FedEx Corp. Chief Financial Officer Alan B. Graf, Jr. said in the firm's quarterly earnings report. "We are expecting many difficulties this year such as slowing growth in major economies and risks over global trade conflicts," Samsung Co-Chief Executive Kinam Kim said.
Fitch dropped its global growth forecasts for 2019 to 2.8 percent from 3.1 percent. For 2020, it dropped from 2.8 percent from 2.9 percent. The eurozone growth outlook weakened"particularly sharply," Fitch said. It also highlighted a slowdown in China, and decelerating in emerging markets led by Turkey and Argentina in the aftermath of last summer's currency crises.
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