FedEx rings alarm bell on global growth The world's second-largest delivery company blamed slowing growth in Asia and the economic struggle facing Europe. Investors pay attention to FedEx because, alongside its rival UPS, it offers a way of taking the pulse of the global economy. The warning came as FedEx said profits for the three months to the end of August fell to $459m (283m pounds) from $464m in the same quarter last year. Profit margins at its Express business, which companies use to transport goods quickly by air, fell to 3.1pc in the quarter from 4.4pc as businesses retrenched. FedEx, which has been one of the major beneficiaries of globalisation over the last two decades, said it will step up its own cost-cutting efforts. "Weak global economic conditions dampened revenue growth," said Alan Graf, the company's finance director. Shares in the company dropped 2.3pc to $82.27 in early morning trading on Wall Street.