US companies have warned of weaker global demand and are stepping up cost-cutting efforts, raising fresh fears about the health of the world economy and sending shares tumbling.
DuPont, Xerox, UPS and 3M were among the companies that warned of difficult trading conditions, including faltering demand in some Asian markets and Europe’s continuing crisis.
Ursula Burns, chief executive of Xerox, said the printing and business services company had been hit by “widespread economic uncertainty, especially in the United States”, and warned: “Economic challenges will continue putting additional pressure on the business.”
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