In the first big day of earnings in Europe there was one word on every CEO's lips: China.
In the past, this may have signaled healthy margins and headstrong strategies as companies diversified away from a struggling European economy -- but today, the word has become synonymous with fears of a slowdown in emerging markets.
"Near-term uncertainty over China is a concern," Borje Ekholm, CEO of Investor AB, one of Sweden's largest investors, told CNBC on Thursday. "They are clearly moving away from an export driven model to a domestic consumption model. How that is going to play out, I think, is still surrounded in uncertainty."
(Read More: The long game: Why a China slowdown isn't scary)
The impact of this is so uncertain that it is hard to predict how Asian countries surrounding China will be affected, he said. The global arbitrage model – when jobs move overseas to where labor is cheapest - is "breaking down," Ekholm said, adding that he sees a resurgence of manufacturing in North America and possibly even Europe.
"China is a worry," Peter Gleissner, managing director of Intel Europe, told CNBC on Thursday, adding that there were now bright spots in Europe the firm could take advantage of. "Certainly emerging markets are not performing at the level we are expecting them to perform."
It was a similar story at fellow technology companies Ericsson and SAP, whose shares both took a nosedive after reporting second-quarter results on Thursday.