Bunnings parent Wesfarmers led a torrid day of losses for the ASX’s consumer titans after US retailer Target put Wall Street on notice that inflation is eating into shopping baskets across America, compounding investor fears that monetary tightening will slam the brakes on growth.
Target’s shares sank nearly 25 per cent in New York in their worst session since the Black Monday crash of October 1987. The group revealed that its first-quarter profit fell by half, and warned of a larger blow to margins due to rising fuel and freight costs.
