The new chief executive of FedEx, Raj Subramaniam, is off to a rough start. Late Thursday, he warned of a worldwide recession as inflation ravages consumers’ buying power, central banks jack up interest rates to subdue overheated demand and China’s policy to stamp out every case of COVID-19 becomes more of a self-inflicted wound on production. The company made the unusual decision to pre-announce earnings well below consensus estimates and pull its annual financial guidance, which it had just provided in June.

Thomas Black is a Bloomberg columnist covering logistics and manufacturing. Previously, he covered U.S. industrial and transportation companies and Mexico’s industry, economy and government.

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