The winning streak is over, coming to a shuddering end as strong inflation and slowing consumer demand sparked a global sell off. But it could have been worse. Just ask Wall Street. Most sectors finished deep in the red, led by big falls in consumer discretionary and staples, mirroring the performance in States overnight. The former slumped 3.1%, the latter 3.7%. Wesfarmers, arguably the closest thing to a Walmart or Target in Australia, was smashed, slumping 7.3%. Other consumer-linked stocks were also hammered with Metcash, JB Hifi, Woolworths and Harvey Norman sliding 4.7% or more. Beating out the retailers for worst performer, Nufarm slumped 8.3% as its profit result whiffed. At the other end of the scoreboard, Aristocrat Leisure soared 7.2% after delivering a strong first half profit accompanied by a $500 million buyback. A positive update from Webjet helped it to a handy gain of 2%. The S&P/ASX 200 fell 1.65%, declining 118.2 points to 7064.5. But perspective is everything. From the lows of Thursday last week, it’s still up 2%.

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