Analysis-So far, global earnings are just good enough to feel disappointing

- Companies worldwide are lowering full-year sales and profit guidance as higher interest rates and weakness in China's economy hurt global consumer sentiment, taking the shine off earnings growth in the latest quarter.

McDonald's reported its first drop in sales worldwide in 13 quarters, citing weakness in China's economy. Companies including Unilever, Visa and Aston Martin also noted weakness in China, and analysts have warned that demand in the Asian giant is unlikely to reverse while a protracted property downturn and job insecurity weigh on consumers.

Nestle and Unilever both reported first-half sales growth below expectations. Companies in the euro zone's two largest economies are growing more pessimistic, raising concerns over the bloc's sluggish recovery. Asian chipmakers have turned more bullish about demand outlook as they benefit from the global AI boom that has helped it weather the tapering off of pandemic-led electronics demand.

The broad-market MSCI International index has gained 11% so far this year, peaking earlier this month before selling off, in part due to hopes that the U.S. Federal Reserve will begin cutting interest rates after similar moves from other central banks.

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