Disappointing results from construction machinery giant and a pessimistic revenue forecast from chipmaker point to a broader impact to the global business community from economic slowdown, analysts said on Tuesday.

“Caterpillar and Nvidia are not the first companies to blame China for their afflictions, but both companies are seen as industry bellwethers,” Rodrigo Catril, a senior currency strategist at the National Australia Bank, said in a Tuesday note.

The outlooks from those companies — Caterpillar joined Nvidia in issuing disappointing guidance — “tend to be regarded as important” because they can “provide a macro/global growth guidance from a business perspective,” Catril told CNBC.

So, the commentary from both of those companies paints a worrying picture for Chinese growth.

“Their disappointing results provide further evidence that this time China‘s slowdown is for real,” he said in the note.

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