Fear is back on Wall Street.?? Concerns over softening US consumer spending and signs of a slowing American economy triggered a market rout that wiped billions off global stock markets on Monday.

Retailers have spent months warning of pressures on consumer spending. The scale of the market tantrum looks out of whack with the underlying economic data. The intensity of the sell-off may have more to do with the unwinding of the carry trades that many investors used to fund their bets rather than a sudden deterioration in the outlook for the US economy.

Among consumer-facing stocks, Amazon still looks a solid bet. The ecommerce giant has lost $295bn — or 15 per cent of its value since last Thursday — when its second-quarter earnings showed that it is not immune to value-conscious consumer behaviour.