The trade fight between the United States and China is getting worse. This week, investors could get a reality check on what that means for economies and companies.

On Monday, The People’s Bank of China guided the yuan – China’s currency – lower for an eighth consecutive session. The currency was flat in onshore trading, while it was a little higher offshore, where it trades more freely. The currency’s value has been a flashpoint for concern, igniting worries about a currency war in addition to tariffs and other trade matters.

Meanwhile, other economies are affected by the China-US dispute as well.

Germany, Europe’s biggest economy, is set to report GDP growth on Wednesday for the three months ending in June. After 0.4% growth in the first quarter of the year, analysts predict a slight contraction.

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The country relies heavily on exporters that sell a large amount of goods to China and the United States. Struggling global auto sales have also hit the country’s automakers.

Disappointing industrial output and trade data released last week signaled more bad news.

“Looking ahead, the outlook for German exporters is clearly in the hands of the United States and China,” said Carsten Brzeski, ING’s chief economist in Germany.

Industrial production and GDP growth for the eurozone will be published Wednesday.

Big name corporate earnings could also shed light on the trade war’s toll. Walmart and Alibaba both report results on Thursday.

Good news could help correct some of the anxiety that’s hung over stocks since President Donald Trump said he would tax effectively all Chinese goods exported to the United States starting in September.

“There has been no collapse in earnings expectations that warrants a sharp decline in stock prices,” Nick Raich, CEO of The Earnings Scout, said in a recent note.

But any sign of a trade impact, or troubling guidance for the rest of the year, could send investors into a tizzy.

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For Walmart, the new tariffs would tax goods like iPhones and other consumer electronics, sneakers and toys.

“We’re going to continue to do everything we can to keep prices low … however, increased tariffs will lead to increased prices,” Walmart finance chief Brett Biggs told reporters on a call last quarter.

Retail watch

The US-China trade war hasn’t done much to discourage American consumers.

The US government reported a healthy jump in retail sales for June. But July figures are coming out Thursday — and investors will keep an eye out for any signs of a slowdown.

Earnings could also provide some clues. In addition to Walmart, the struggling department store chains Macy’s and JCPenney are set to report this week.

Wall Street analysts expect sales to be flat at Walmart and Macy’s compared to a year ago — and down at JCPenney.

The rise of digital shopping is eating into their results too. Walmart has done a much better job of competing with Amazon than Macy’s and JCPenney, thanks to its acquisition of Jet and other online retail startups. Still, Walmart’s digital momentum has slowed somewhat lately.