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.
Global companies have zeroed in on two issues hitting their bottom lines: higher interest rates that are pinching consumer spending, and underperformance in China’s economy, the second-largest in the world. Consumer weakness is being flagged across industry sectors and guidance cuts have picked up, the brokerage said. U.S. companies have reduced third-quarter forecasts to 7.3% year-over-year growth as of Friday from 8.6% at the beginning of July, according to LSEG data.
Auto companies are facing difficulties in the United States, where high inventories and logistical issues hurt profits of Ford Motor, Stellantis and Nissan. EV leader Tesla disappointed investors with its results, and many still see the company as far overvalued with EV sales slowing.
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