Four troubling global trade trends flashing consumer weakness for a market already fearing recession
Publishing timestamp: 2023-01-13 17:29:28
Summary
Factory orders in China for U.S. companies are down between 40%-50%, incoming global ocean freight bound for U.S. is down, and canceled sailings around the world are skyrocketing, indicating a decrease in demand. Bank CEOs have forecasted a recession for 2023, and Maersk has said there is a likelihood of a global recession already underway. Warehouse inventory is high, and e-commerce inventory is higher than inventory heading to brick-and-mortar stores. Manufacturing orders are down, global ocean orders are down, and ocean carriers have canceled more sailings than usual.
Sentiment: NEGATIVE
Tickers: DP4H-FF,
Keywords: united states, ap moeller - maersk a/s, transportation and shipping, jpmorgan chase & co, trade, jamie dimon, u.s. economy, world economy, business news, asia economy, brian moynihan, transportation, shipping, economy,