Macquarie’s shortlist of 4 preferred building stocks
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Gough Whitlam was our Prime Minister and Elton John’s Bennie and the Jets was a top 10 Billboard hit, the last time Australia’s unemployment rate was this low, all the way back in 1974. There’s currently one job out there for everyone who wants one, according to the record 3.5% unemployment rate readout from June’s ABS figures.
Australia Unemployment Rate
STOCKS TO WATCH
Macquarie’s report prises up the floorboards of the construction sector, finding the highest rate of home sale cancellations has hit its highest level since the start of the pandemic.
It points to an expectation of worsening order books, traffic, sales incentives, and cancellations.
“Sentiment is likely to get worse still as new construction data points turn weaker,” Macquarie says.
The broker’s preferred stocks in the sector are those with alternative growth potential, exposure to repair-and-remodel activity, and infrastructure:
- Adbri (ASX: ABC)
- Boral (ASX: BLD)
- James Hardie (ASX: JHX)
- Reliance (ASX: RWC).
“Russia’s presence at this meeting was like inviting an arsonist to a meeting of firefighters,” Canada’s Deputy Prime Minister Chrystia Freeland told reporters after attending the Group of 20 finance chiefs – a gathering that included a Russian delegation.
“That’s because Russia is directly and solely responsible for the illegal invasion of Ukraine and its economic consequences, which are being felt by us all.”
In the official sessions, all country representatives reportedly remained in the room when Russian officials spoke on the first day, according to Bloomberg reports. This contrasts with an earlier G-20 gathering that featured a US-led walkout. The meeting ended without the usual communique amid division over Russia’s war in Ukraine.
Today's report was written by Glenn Freeman
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Charts and Caffeine is Livewire's daily pre-market news and analysis wrap. Every day, Livewire's team of market journalists and editors get you across the overnight session and share their best insights to get you better set for the investing day...