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Companies that depend on China’s consumers have for months had to contend with a notable slowdown in spending. The latest earnings season has uncovered another big worry.

A swathe of businesses were already under pressure thanks to the “consumption downgrade” that’s seen retail sales weaken this year. Now, bottom lines are at risk due to an intensifying battle to attract customers in the world’s second-biggest economy. That spells trouble for investors who thought stocks tied to domestic growth would help them weather the trade war.