FedEx failed to deliver, as did the Federal Reserve. The two broad factors that shape emerging-market investing — global growth and the path of US rates — aren’t playing out well.

On Wednesday, FedEx shares plunged 12%, the most in a decade, as the company cut its earnings outlook just three months after raising it. CEO Fred Smith is putting the blame squarely on politicians, saying that the US trade war, China’s “mercantilism”, and Brexit, are all sinking the global economic outlook.

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