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James Hardie Industries – the world’s largest producer of fiber cement products, headquartered in Ireland and dual-listed in Sydney and New York – issued a grim housing outlook that sent its Sydney shares plunging the most in 50 years. The warning underscores deepening cracks emerging in the U.S. housing market under the continued weight of elevated interest rates. President Trump issued a new warning overnight about those rates “hurting” the housing industry. 

James Hardie generates about 70% of its revenue from North America. Its flagship product, HardiePlank, is widely used in residential housing as an alternative to wood or vinyl siding. That makes the company’s earnings reports closely watched, given its heavy exposure to the U.S. housing market.

Its first-quarter results missed Wall Street expectations, highlighting ongoing uncertainty in the housing market. Quarterly profit dropped to $62.6 million, or

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