US and European companies have blamed disappointing earnings on a slower than expected economic rebound in China, after the country’s sudden reopening from pandemic restrictions prompted over-optimistic growth forecasts.
Cosmetics group Estée Lauder was the most high-profile example this week, suffering its sharpest one-day share price fall on record after it cut sales forecasts because of a “far more volatile . . . and more gradual” recovery in Asia than it had expected.
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