Apple Isn’t the Only Casualty of China's Slowdown
Angus Whitley, for Bloomberg:
FedEx: The U.S. delivery giant slashed its profit forecast in late December – just three months after raising it. While FedEx Corp.’s woes weren’t limited to China, the company cited trade tensions, especially between the U.S. and China, among its troubles.
Starbucks: But last month, Starbucks Corp. said sales growth in China could be as low as 1 percent in the long term. That’s slower than the 3 percent to 4 percent growth seen for the U.S. and the rest of the world. It’s not clear how much China’s economy or trade tensions are to blame – or if China is just losing its taste for caffeine.
Tiffany’s: China’s economic woes are more of a headache for the jeweller outside the country than inside. In November, Tiffany & Co. reported weaker-than-expected sales and highlighted a “clear pattern” of Chinese shoppers cutting back on spending when they’re overseas.
Daimler: The German maker of Mercedes cars was among the first global brands to blame escalating trade tensions when it warned in June that retaliatory tariffs in China on car imports from the U.S. would hit sales on the mainland.
Trade wars: good for no-one.