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In Wednesday’s after-hours US trading, FedEx shares dropped 5% to US$175.49 after the parcels group cut its profit targets for the current fiscal year citing troubles at its express delivery business and the impact of a European acquisition.

The New York-listed company downgraded its earnings per share guidance for the 2018/19 fiscal year to a range of US$12.65 to US$13.40, down from US$15.50 to US$16.60 previously.

FedEx’s management also announced a raft of further cost savings measures including reducing hiring and reducing discretionary spending due to slowing global trade.

On Wednesday Royal Mail Group PLC saw its shares top the FTSE 100 fallers list.

In mid-morning trading, Royal Mail shares – which will be evicted from the UK blue chip index for a second time from next Monday – were 3% lower at 278.20p.