Dec 19, 2018

FedEx CEO sounds alarm on global economic slowdown

Photo by Tim Rue/Corbis via Getty Images

FedEx CEO Fred Smith signaled darker times ahead for the transportation industry during an earnings call on Tuesday, citing negative economic impact stemming from President Trump's trade war, Brexit and other global issues caused by "bad political choices."

Why it matters: FedEx, along with the rest of the transports sector, is considered a good gauge of economic health.

"Most of the issues that we are dealing with today are induced by bad political choices. Making a bad decision about a new tax, creating tremendously difficult situation with Brexit, the immigration crisis in Germany, the mercantilism and state owned enterprise initiatives in China, the tariffs that the United States put in unilateral. So you just go down the list and they are all things that have created macroeconomic slowdown. The good news is with a change in policy, they could turn it around pretty quick too."

— FedEx CEO Fred Smith on Tuesday's earnings call

The backdrop: Smith's bleak comments about the global economy came alongside FedEx's disappointing earnings report, in which the company sharply cut its profit expectations for next year.

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U.S. coronavirus updates: New York reports record 630 deaths in 24 hours

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

New York reported 630 new deaths in 24 hours, Gov. Andrew Cuomo said Saturday — an "all-time increase" that beat the previous day's record of 562 deaths in a single day.

The big picture: As expected, COVID-19 death tolls are rising in the U.S., killing more than 7,100 people in total, and over 1,000 in 24 hours alone. The CDC is recommending Americans wear face coverings in public to help stop the spread, marking a significant change in messaging from the Trump administration.

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World coronavirus updates: Spain tracks more cases than Italy

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Spain overtook Italy in its number of coronavirus cases on Saturday, as the global death toll surpassed 60,000, per Johns Hopkins data.

The latest: About half the planet's population is on lockdown amid the coronavirus crisis. Fatalities are exponentially increasing across Europe, with roughly half of deaths worldwide located in Italy and Spain.

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Coronavirus dashboard

Illustration: Axios Visuals

Global: Total confirmed cases as of 12 p.m. ET: 1,140,327 — Total deaths: 60,887 — Total recoveries: 233,930 — Map.
U.S.: Total confirmed cases as of 12 p.m. ET: 278,568 — Total deaths: 7,163 — Total recoveries: 9,920 — Map.
Public health latest: The CDC is recommending Americans wear face coverings in public to help stop the spread of the coronavirus. The federal government will cover the costs of COVID-19 treatment for the uninsured.
2020 latest: "I think a lot of people cheat with mail-in voting," President Trump said of the 2020 election, as more states hold primaries by mail. Montana Gov. Steve Bullock said Friday that every county in the state has opted to expand mail-in voting for the state's June 2 primary.
Business updates: America's small business bailout is off to a bad start. The DOT is urging airlines to refund passengers due to canceled or rescheduled flights, but won't take action against airlines that provide vouchers or credits.
Oil latest: A pivotal Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
Military updates: Senators call for independent investigation into the firing of Navy captain of the U.S.S. Theodore Roosevelt. The U.S. military is struggling to find new recruits as enlistment stations are shut down.
1 🏀 thing: The WNBA is postponing the start of its training camps and season.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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