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Australian equities are set to benefit from renewed U.S. Federal Reserve interest rate cuts, with technology and cyclical sectors likely to outperform as global liquidity improves, according to a research note from Macquarie.
The broker said a shift in monetary policy favors stocks over bonds, cyclical sectors over defensives, and growth over value, comparing the current market environment to 1998, when global easing and optimism around technology sparked a broad rally. With both the Fed and the Reserve Bank of Australia moving toward rate cuts, Macquarie expects liquidity-driven gains through the end of the year.
Macquarie highlighted technology and AI-related plays as core holdings, citing Nextdc (ASX:NXT) and Seek Ltd (ASX:SEK). Growth-oriented companies such as Lovisa Holdings (ASX:LOV) and Webjet Group (ASX:WJL) were also named as key beneficiaries of stronger market sentiment. The broker noted these positions build on portfolio adjustments made in July to lean further into growth and technology exposure.
Cyclical stocks with significant U.S. exposure are another area of focus. Aristocrat Leisure (ASX:ALL), Breville Group (ASX:BRG), CAR Group (ASX:CAR), and Flight Centre (ASX:FLT) are expected to gain from improving U.S. demand. In addition, gold miners remain a favored trade, with Northern Star Resources (ASX:NST) and Newmont (ASX:NEM) well positioned as investors increase allocations to safe-haven assets.
Macquarie also pointed to improving risk appetite as a driver for small-cap stocks, while defensive sectors like healthcare and staples are likely to lag behind.
