Apologies folks for missing this one earlier.
UPS has issued a warning of lower earnings ahead of the full Q2 release on 23rd July.
The biggest global package delivery firm cites overcapacity in the global airfreight market and customers increasingly looking for cheaper shipping options, as reasons for revenue and operating profits dropping below expectations.
Package volume growth also slowed as a result of labour negotiations.
Shipping is obviously a big barometer in judging business growth and the warning from the biggest firm is going to weigh on markets minds when they release the full figures.
Last month Fedex issued Q1 earnings and despite upbeat news their report highlighted some alarming drops in airfreight figures. Lower shipping demand points to strains in global economy
