RBA, Baby Bunting add to sharemarket nerves over health of consumer

News Snapshot:

The worst-performing sharemarket sector was consumer discretionary, down 2.2 per cent after a profit downgrade from Baby Bunting added to evidence that consumers are cutting back on spending as living costs and interest rates increase. The financials sector including the banks lost 1.5 per cent, with industrials down 1.6 per cent. Baby Bunting shares cratered 16.9 per cent to $1.48 after it slashed financial 2023 profit guidance to between $13.5 million and $15 million from earlier guidance of $21.5 million-$24 million. Other retailers leveraged to consumer confidence fell in sympathy. Fast fashion and footwear retailer Accent Group tumbled 6.8 per...