Good morning contrarians! The mood is clearly tilted to risk-off in the pre-market, with stocks and bonds selling off…

Quick word on $FDX :

What FedEx is saying is disconcerting on a number of levels, but it’s worth keeping in mind that companies are quick to blame extraneous factors when things don’t go their way. Yeah, FedEx is certainly in a good position to speak to these things and there may very well be a lot of truth to them. But let’s not forget that the consumer data in the U.S. is (so far at least) not exactly confirming these reports. Maybe FedEx is in a better position where these numbers are concerned. Or maybe they’re just losing market share (like, hello, Amazon?) and looking for a boogeyman? Let’s not forget that these warnings used to be a regular occurrence from FedEx.

More here: