European post & logistic slumps as FedEx pulls forecast on worsening economy

Oesterreichische Post AG

16/09/2022 08:49

(Updates share move; adds European peers stock move, analysts
comment, milestones)
    ** Shares in Deutsche Post  DPWGn.DE  sink 7%, at lowest
level in over 2 years, after FedEx Corp  FDX.N  on Thursday
withdrew the financial forecast it issued just three months ago
    ** "The latest confirmation of a weak peak season is
negative for the entire sector," J.P. Morgan says
    ** Germany's Hapag Lloyd  HLAG.DE  slumps 7.6% to lowest
price in almost a year, Swiss logistics group Kuehne + Nagel
 KNIN.S  and Oesterreichische Post  POST.VI  slide 3% and 1.7%
respectively
    **  Dutch postal firm PostNL  PTNL.AS  and Belgian postal
operator BPost  BPOST.BR  also drop, down by about 3%
    ** Danish logistics companies Maersk  MAERSKb.CO , DSV
 DSV.CO , NTG  NTGNT.CO  drop 3-4%    
    ** The figures are not immediately "transferable" to
companies such as Maersk, NTG , DSV, Nordnet analyst Per Hansen
says
    ** He notes that they however confirm that the global
economy is in a marked slowdown, which will probably push the
American and European economies into recession
    ** FedEx said a global demand slowdown accelerated at the
end of August and was on pace to worsen in the November quarter
 urn:newsml:reuters.com:*:nL4N30M3FD
    
    

 (Reporting by Linda Pasquini, Jagoda Darlak)
 ((Linda.pasquini@thomsonreuters.com))