Feb 6 (Reuters) – South Korean and Taiwanese companies led analysts’ earnings downgrades over the past month, Refinitiv data showed, as the two economies are expected to bear the brunt of slowing global demand for tech products and the Sino-U.S. trade war.

Analysts have cut South Korean companies’ 2019 earnings by 10 percent over the past month, while they slashed Taiwanese companies’ earnings by 5.5 percent, the data showed.

In January, Apple Inc took the rare step of cutting its quarterly sales forecast and analysts expect slowing iPhone sales to affect the tech giant’s major suppliers such as Taiwan Semiconductor Manufacturing Co and Foxconn, formally known as Hon Hai Precision Industry Co.

In the fourth quarter, Taiwan’s economy grew at its slowest pace in more than two years due to slowing exports. South Korea’s economy also expanded at its slowest pace in six years in 2018.

On the other hand, Indonesia and the Philippines topped the analysts’ earnings upgrades in Asia over the past month.