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August 27 2021

1. Great expectations…

Australian firms’ capex expectations for 2021-22 were revised up by much more than expected. This was both surprising, and encouraging, given the survey was taken over July and August when business confidence weakened amid lockdowns.

2. More home sales…

In the US there were 367,000 new homes for sale in July, but ~30% of those houses were not yet started, with homes under construction the highest since 2008. The number of completed homes made up less than 10% of for-sale properties! At the current sales pace, it would take 6.2 months to exhaust the supply of new homes compared with 6 months in June.

Meanwhile in Australia, the number of 35-44 year olds, which is a key cohort for upgrader housing demand, continues to grow strongly.

Positive news for homebuilders in the portfolio like James Hardie and Bluescope Steel.

Source: Macquarie, ABS

3. The new face of investing…

CNBC & Momentive released a survey of investors this week which aimed to gauge the new face of investing! Some of the interesting findings were that 26% of American investors have entered the stockmarket since 2020, more than 1/3 of investors aged 18-34 said social media is their top way to research stocks, and ‘Investors’ are 2x more likely to invest because “it feels like a game”!