DHL said it does not expect a broad economic upturn in the first half of 2024 and even further declines in volume in some markets. It expects positive global economic momentum in the second half of the year. The company forecast 2024 earnings before income and tax (EBIT) of 6 billion to 6.6 billion euros ($6.5 billion to $7.2 billion) while analysts had expected 6.6 billion euros a company-provided consensus showed. DHL Group shares were down 5.7% as of 1019 GMT. "Still no change in volume trends seen," Stifel analysts wrote in a note to investors, adding that the wording on top-line trends was unchanged compared to DHL's third-quarter reporting, when the company narrowed its forecasts citing a slide in e-commerce demand post-COVID. Logistics companies have been racing to match costs to global demand that has fallen to pre-pandemic levels, and the entire industry is fighting for market share.