Rail traffic is down sharply year over year and down even further from 2021. pic.twitter.com/npvGbB4sCB
— Don Johnson (@DonMiami3) August 4, 2023
Shipping giant Maersk warns of sharp slowdown in global trade as it reports profit plunge
- The world’s second-largest shipping company, often seen as a bellwether for global trade, posted a second-quarter profit before interest, tax, depreciation and amortization (EBITDA) of $2.91 billion.
- This was well below the record $10.3 billion for the same quarter in 2022. Analysts had projected an EBITDA of $2.41 billion, according to Refinitiv data.
- Maersk warned of a deeper pullback in global shipping container demand, and now expects volumes to fall by as much as 4% versus a previous worst case scenario of 2.5%.
US manufacturing is still at risk of further deterioration
A rise in the unemployment rate often coincides with a sharp contraction in the manufacturing PMI pic.twitter.com/4HdAWuQVBc
— Game of Trades (@GameofTrades_) August 4, 2023
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