Photo: AFP
Photo: AFP

All of the brokers’ 2019 outlooks are measured, hedged, and qualified. All make reference to the risk from US-China trade confrontation.

News of FedEx’s “jarring” cut to its annual forecast is one sign that the confrontation to date has already had worse effects than the consensus expected.

Expectational indicators on exports look pretty funky:

China-US export orders
European export order expectations