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FedEx sent shudders down investors’ spines late Thursday after sounding the alarm on macro weakness and withdrawing its full-year guidance. CEO Raj Subramaniam said he expects the economy to enter a worldwide recession, and would have to implement cost-cutting initiatives to deal with softer global shipment volumes. FDX shares tumbled nearly 20% in response, and the sentiment was seen elsewhere, with the company serving as a barometer for "everybody else's business."

The market is not a fan of Adobe's new acquisition, as selling continues into this morning. The stock already plunged over 16% yesterday, after Adobe - the owner of platforms like Photoshop, Illustrator, Acrobat and XD - announced the purchase of a design software firm known as Figma. The $20B transaction will be financed by an equal mix of cash and stock, with absurdly generous grants to Figma employees.  Adobe paid over 50x revenue for the business – a valuation multiple so high it’s unlikely the deal will ever pencil economically.

China's warming ties to Russia are on full display at a meeting of the Shanghai Cooperation Organization((SCO) in Uzbekistan. The relationship between the countries had been growing over the past decade, as the two nations seek to counter the power and economic strength of the U.S. and its allies. In terms of size, the SCO is one of the world's largest regional organizations, covering nearly 60% of the area of Eurasia, 40% of the world population, and more than 30% of global GDP.

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