“Great German conglomerate” need not be a contradiction in terms. Strong performance justifies an unfashionable structure. Deutsche Post DHL started as a domestic postal monopoly. Since the late 1990s it has become a diversified global logistics company through acquisitions. It delivers letters in Monchengladbach. It also whizzes goods bought online around the world.

Like US rivals UPS and FedEx, its shares have tracked world economic growth. But they jumped 4% on Tuesday after second-quarter results showed global trade tensions had failed to damp profits.

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