FedEx Is Downbeat on Chinese Economy

The head of FedEx Corp. FDX -2.77%on Tuesday sounded a warning about the fate of China's export-driven economy as the world's largest air package shipper cut its forecast for global growth in 2012 and 2013.

Fred Smith, the company's chief executive, said the economic weakness in Europe and the U.S. had slowed global trade, with product launches by tech-industry stalwarts such as Apple Inc. AAPL +0.10%and Microsoft Corp. MSFT -0.12%providing only a temporary lift.

Some China observers "completely underestimate" the impact of slowing exports despite the country's domestic stimulus efforts, Mr. Smith said during a conference call with analysts after the company reported a slip in fiscal first-quarter profit.

Read Full Article from Wall Street Journal

- Posted: 2012-09-18 14:24:12

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