The Reserve Bank of Australia delivered its second 0.25% interest rate cut for 2025 this week.

Macquarie says there are more interest rate cuts to come and is tipping three further reductions in July, August, and November.

The broker has released a note revealing its favoured 'rate-cut basket' of ASX stocks.

These are the ASX stocks it expects to outperform amid continual interest rate cuts over the next year.

So, which ones are they?

Which ASX stocks have benefitted since February?

Macquarie reviewed the performance of ASX stocks since the first interest rate cut in February.

The broker found defensive ASX stocks had outperformed.

Macquarie commented:

Defensive sectors have outperformed by >10ppts since the RBA's first cut, led by Gold, Telecom, Insurance and Utilities.

Defensives usually outperform after cuts, as both are driven by growth risks, but some outperformance has been given back since the tariff pauses.

Staples Retail outperformed +7% and remains the most consistent rate-cut winner, with Cyclical Retail (+8%) slightly ahead.

Looking ahead, Macquarie has outperform ratings on several ASX stocks across REITs, consumer, media, technology, and health.

Broker places outperform rating on these stocks

In the technology sector, Macquarie likes Xero Ltd (ASX: XRO), Megaport Ltd (ASX: MP1), and NEXTDC Ltd (ASX: NXT) shares.

Yesterday, the Xero share price closed at $179.90, down 1%. Macquarie has a 12-month share price target of $204 on Xero shares.

The Megaport share price finished at $12.37, down 0.16%. The broker's price target is $14.30.

The NEXTDC share price closed at $12.97, down 2.48%. Macquarie has a price target of $21.20.

Among the ASX property stocks, Macquarie likes Mirvac Group (ASX: MGR) and Goodman Group (ASX: GMG).

The Mirvac Group share price finished at $2.29, down 1.29%. Macquarie's share price target is $2.56.

The Goodman Group share price closed 0.44% lower at $31.97. Macquarie has a target of $36.31.

In consumer retail, the broker is backing JB Hi-Fi Ltd (ASX: JBH), Harvey Norman Holdings Ltd (ASX: HVN), and Lovisa Holdings Ltd (ASX: LOV) shares.

The JB Hi-Fi share price closed at $106.93, down 0.7%. Macquarie has a 12-month share price target of $111 on JB Hi-Fi shares.

The Harvey Norman share price closed at $5.36, down 0.74%, versus the broker's price target of $5.50.

Lovisa shares finished trading at $27.79, down 0.57%. The broker's 12-month price target is $33.40.

In the staples sector, Macquarie likes Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW) stocks.

The Coles share price closed at $21.77, down 0.05%. Macquarie has a 12-month share price target of $23.10 on Coles.

The Woolworths share price closed at $31.90, down 0.44%. Macquarie's price target is $33.60.

In the ASX communications space, the broker is backing News Corporation CDI (ASX: NWS) and SEEK Ltd (ASX: SEK) stocks.

The News Corporation share price closed 0.71% lower at $50.41. The broker's target is $58.

The Seek share price closed at $23.56, down 0.55% yesterday. The broker's price target is $26.75.

In the healthcare sector, Macquarie likes Resmed CDI (ASX: RMD).

Resmed stock was 1.06% weaker at $38.24 yesterday. The broker has a price target of $48.