With this in mind, here are two shares trading below £1 that I’d be willing to buy while the chips are still down and before markets truly begin rallying.

Coats

Industrial thread company Coats (LSE: COA) doesn’t exactly get the pulse racing but it’s a world leader at what it does. And despite the tough economic times we’re in, business doesn’t appear to be suffering too much either.

Back in May, the company reported a 20% jump in sales growth over the first four months of 2022. Importantly, the company stated that actions taken on pricing and productivity had managed to “offset inflationary pressures in the supply chain“. This has had a knock on effect of supporting margins at both its Apparel & Footwear and Performance Materials divisions. That all sounds encouraging to me and may help to explain why the shares are down just 3% year-to-date.

Like all businesses, Coats is remaining “vigilant of potential macro-economic conditions“. And, yes, there’s always a chance that this baby could get chucked out with the bathwater. That said, I think the shares already look good value with a price-to-earnings (P/E) ratio of 11.

Coats also has PEG (price/earnings-to-growth) ratio of just 0.6. While there can be no guarantees when it comes to investing in anything, this suggests to me I’d be getting a good deal based on the potential growth that lies ahead.

At least some of the later may come from the company’s latest addition. Yesterday, it was announced that Coats will acquire global heel counters and insoles supplier Texon. Earnings accretive from the off, this addition should “deliver attractive high single digit growth in a fragmented market” and strengthen the company’s presence in the footwear/ath-leisure space.

There’s also an extremely secure-looking 2.6% dividend yield for good measure.

Tritax Eurobox

A second penny stock I’d buy today is one I’ve had an eye on for quite some time now. Tritax Eurobox (LSE: BOXE) is the lesser-known sibling of £3.5bn cap, UK-focused Tritax Big Box. Like its bigger brother, the former specialises in developing and managing logistics assets for customers.

Eurobox shares are down over 20% year-to-date, no doubt influenced by concerns of rising inflation and lower spending. The latter means potentially reduced earnings for the company’s clients. However, I suspect this will prove a temporary blip. Simply put, the ongoing migration of consumers online means warehouses of the sort that Eurobox provides will be in growing demand.

One snag with Eurobox shares is that they still look expensive, at least initially. A P/E of almost 24 looks pretty steep considering the economic headwinds. However, the company also has a PEG of just over one. So, again, I might actually be getting a decent amount of bang for my buck.

Being a real estate investment trust (REIT) means there’s a passive income stream on offer too. A yield of 5.5% as I type looks like adequate compensation for being asked to wait for a recovery.

Here are two big-yielding dividend stocks on my radar today. I expect both to deliver big shareholder payouts in the near term and beyond.

Euro hero

Tritax Eurobox (LSE: EBOX) is a dividend stock whose profits are sensitive to economic conditions. Its retail tenants could struggle to pay the rent if business dries up. Still, in this period of high inflation, I think it’s a great stock to buy today.

You see, property businesses like this tend to raise their rental income in line with inflation. The impact of soaring prices on the bottom line can therefore be mitigated. So Tritax Eurobox doesn’t have to panic that last week the Eurozone Commission hiked its 2022 inflation forecasts for the region to 7.6% from 6.1%.

This income stock operates ‘big box’ warehousing and distribution assets in major European economies such as Germany, Italy and Belgium. I’m expecting it to deliver excellent long-term returns as the growth of e-commerce increases demand for its buildings.

Today, Tritax Eurobox carries a healthy 5.1% dividend yield for the financial year to September. This figure grows to 5.6% for next year too. I’d buy it even though a lack of decent acquisition prospects could damage its growth plans.

Another top property stock

Keeping with the theme of property stocks, I’m considering buying Residential Secure Income REIT (LSE: RESI) shares today.

Like Tritax Eurobox, it’s a great way to protect share investors from high inflation. What’s more, its ultra-defensive operations create excellent profits stability in good times and bad. Spending on accommodation doesn’t fall even when broader consumer expenditure weakens.

But the biggest attraction of Residential Secure Income today is the rate at which rents in the UK continue to soar. Property listing business Rightmove says that average rents outside London rose 11.8% in June, the biggest increase for 16 years.

The average rent excluding London now sits at a record £1,126 per month. I expect them to continue rising strongly too as the supply of properties should continue lagging demand.

Bright dividend forecasts

Finally, I like Residential Secure Income because of the benefits it brings to dividend investors. As a real estate investment trust (or REIT) it is obliged to pay at least 90% of annual profits to shareholders in the form of dividends.

City analysts expect the business to raise annual dividends in the short-to-medium term in line with earnings. This means the dividend stock sports handsome dividend yields of 5.1% and 5.2% for the financial years to September 2022 and 2023 respectively.

Residential Secure Income could see the value of its property sink in the event of a housing market crash. But, all things considered, I think the benefits of owning this UK share far outweigh the risks.

Buying stocks like this doesn’t just have to be a defensive action. There are plenty of shares that could actually benefit from rising consumer prices. Here are two from the UK that I’m considering buying today.

Tritax EuroBox

Investing in real estate stocks is one good idea in inflationary times. This is because the rents that property owners charge tend to rise in line with broader price increases.

I’m thinking of capitalising on this by investing in Tritax EuroBox (LSE: EBOX).

I already own the company’s UK-focused cousin Tritax Big Box REIT. And I’m considering buying this other stock, thanks to its large geographical footprint that provides added protection through diversification.

Tritax EuroBox operates large warehousing and distribution spaces in places like Germany, Italy, Spain and Poland. I’m expecting demand for its so-called big box facilities to rise over the long term as e-commerce activity keeps growing.

That said, the business might suffer some strain in the near term as economic conditions worsen on the continent. Indeed this week, the Federation of German Industries more than halved its GDP growth forecasts for 2022, to 1.5%.

Trouble in regional engine room Germany will have serious economic ramifications for the entire eurozone. Tenants in the other countries Tritax EuroBox operates in are likely to suffer too as German growth slows.

Antofagasta

Boosting my exposure to commodities stocks is another way to protect myself against soaring inflation. I’m thinking of doing this by acquiring Antofagasta (LSE: ANTO) shares.

This FTSE 100 share concentrates on the production of copper in Chile. The red metal is a particularly good inflationary hedge because of its wide range of uses.

It’s a key material in everything from consumer electronics, buildings, industrial machinery, cars and even jewellery. Its critical role in everyday life means prices of the metal can rise sharply during times of strong broader inflation.

A 2017 report from Bloomberg Intelligence illustrates this point perfectly. This showed copper values increases 18% for every 1% rise in consumer prices in the previous 25 years.

Mining shares like Antofagasta naturally benefit from higher commodity prices and so do their shareholders. Bigger profits can help the share price and prompt other benefits like larger dividends. However, mine production problems can be common and disastrous for a company’s earnings.

Still, it’s my opinion that the benefits of owning Antofagasta in the current climate outweigh this risk. Besides, I’d buy the business as a way to play the new ‘commodities supercycle’. Demand for copper is tipped to soar over the next decade as consumption from electric vehicle manufacturers and the renewable energy sector surges.

Tritax Eurobox

Tritax Eurobox (LSE: EBOX) is the smaller sibling of FTSE 250-listed real estate investment trust Tritax Big Box. Like the latter, it specialises in developing and managing warehouses (or ‘sustainable logistics assets’). As the name says, all of these are located in Continental Europe.

Demand for warehouse space from retailers went through the roof during the pandemic. This sent Eurobox’s share price up roughly 50% between March 2020 and August 2021. Since the beginning of 2022 however, the stock has crashed 20% in value.

This strikes me as a potential opportunity, especially as the current economic headwinds all look temporary. That said, a P/E of 23 certainly doesn’t strike me as a bargain valuation and there’s a risk Eurobox could fall some more.

Still, a 5.3% dividend yield isn’t to be sniffed at. It will also come in handy for tackling inflation. So I’m tempted to open a position in this penny stock.

EKF Diagnostics

Holders of AIM-listed EKF Diagnostics (LSE: EKF) have had an awful 2022, by any standard. The share price has been cut in two, leaving the company with a market capitalisation of just £160m.

Looking on the bright side, this valuation is still 60% above where it was when the first national lockdown in the UK was announced. This shows how well the company performed over 2021, thanks to Covid-19-related demand.

Having fallen so far, EKF stock now trades at 18 times forecast earnings. This looks fair considering that Wednesday’s AGM statement highlighted trading in Q1 had been “strong” with revenues “in line” with that achieved last year. That doesn’t sound like a company in crisis to me! The shares yield 3.6% dividend as well.

Analysts are expecting earnings growth of almost 25% in 2023. However, this is likely dependent on new non-Covid products being launched on time. A clear risk.

On balance, I’d be willing to begin building a position here too.

Victorian Plumbing

Bathroom products retailer Victorian Plumbing (LSE: VIC) is a company I’ve followed ever since it was listed in June last year. Concerned that it might be coming to market as the pandemic-influenced boom in DIY reached its peak however, I chose not to dive in. This proved to be a good call. The share price has tumbled 80% since then.

Are investors being too pessimistic? Possibly. Victorian has a good share of its market and benefits from a flexible online-only business model. Founder Mark Radcliffe still owns just under half of the company’s stock.

But, again, there can be no guarantees. With living costs hitting the consumer hard, plans to install a new bathroom suite are easily postponed. Throw in high marketing costs and a P/E of 18 doesn’t exactly feel cheap.

As such, I do wonder if there could be another drop to come if the next set of numbers don’t convince the market. I’ll wait to see evidence of better trading first.

Answering the distress call

I think that FRP Advisory Group (LSE: FRP) could be a great stock to own as the UK economy rapidly cools down.

The number of insolvencies in Britain is rising sharply following the withdrawal of government support during Covid-19. Latest government figures show that corporate insolvency levels more than doubled year on year in February to 1,515.

The impact of fading consumer confidence and rising costs mean that the number of firms experiencing severe distress unfortunately looks set to keep rising. So I’m expecting demand for FSR’s services to gain momentum.

This ‘nearly’ penny stock (which trades around 122p) provides a range of restructuring and other services for companies in distress. And latest financials showed organic revenues leapt 8% during the six months to October.

City analysts think FRP Advisory’s earnings will rise 20% year on year in the upcoming financial year ended April 2023. Though be aware that at current prices the business trades on a chunky forward price-to-earnings (P/E) ratio of 20.3 times.

Such a valuation could prompt a sharp share price correction if profits projections begin to look in danger. This could happen, for example, if it were to lose out on business to competitors, or if economic conditions end up better than expected.

Good reasons to box clever

I believe Tritax Eurobox (LSE: EBOX) could be a great stock to own as e-commerce grows. And I think it’s particularly attractive following share price falls in 2022. Today the company trades at 105p per share.

A forward P/E ratio of times around the mid-20s sits more or less around its historical average. What I really like, however, is that today Tritax Eurobox’s dividend yield sits at an impressive 4.4%. This sits above normal levels and comfortably beats the FTSE 250 average of 2.4%.

The steady rise of online shopping means demand for the sort of warehouse and logistics spaces Tritax Eurobox supplies is likely to continue booming.

The rents that this nearly penny stock charges are already rising strongly. And I expect supply to continue to lag demand for a long time, meaning rental income should continue booming. This reflects the chronic underinvestment in this particular property class in recent years.

I already own Tritax Big Box REIT and Clipper Logistics shares to exploit this theme. However these two businesses operate solely in the UK. The beauty of investing in Tritax Eurobox is that it operates across various European countries.

This gives the property stock added strength through geographic diversification as well as exposure to fast-growing emerging markets in the east of the continent.

One drawback for owning Tritax Eurobox is that profits could disappoint if it makes poor acquisition choices. But on balance I think the potential benefits of owning this UK share outweigh the risks.

I don’t plan to run for cover however. In fact I plan to follow the example of billionaire investor Warren Buffett and go hunting for bargains to buy.

Here are a couple of penny stocks that have caught my attention at current prices. Each has the potential to supercharge my returns in the coming years.

A top retail share

Many UK retail shares have sunk as investors have considered the impact of soaring inflation on their profits. Card Factory (LSE: CARD), for instance, has fallen 12% so far in 2022 in value as concerns of rising costs and falling consumer spending power have grown.

Okay, Card Factory still remains around a fifth more expensive than it was this time last year. But following that recent share price weakness I think it could be considered too cheap for me to miss. At 52.6p per share, the retailer trades on a rock-bottom forward price-to-earnings (P/E) ratio of 8 times.

I think investors may be making a mistake by heavily selling Card Factory shares. People don’t stop sending cards and celebrating with balloons, poppers and similar party paraphernalia when times get tough. What they do however, is try to buy these items for the cheapest price possible.

In my opinion this means shoppers might shun the likes of more expensive retailers like Clinton Cards and march through value operator Card Factory’s door instead.

I do worry about how Card Factory could fare against the trendier offerings of online-only operators like Moonpig and Thortful. But I believe this threat is more than reflected in this penny stock’s rock-bottom earnings multiple.

Falling into penny stock territory

UK shares with interests in Russia and Eastern Europe have suffered particularly badly in recent days. Take Tritax Eurobox (LSE: EBOX) as an example.

This property stock — which lets out properties in European countries, including Poland — has seen its share price slump to 14-month lows this week. It now sits inside penny stock territory around 99.2p having fallen 16% over the past 12 months.

The situation in the region is truly dreadful, and we all hope it can be resolved soon. But I like Tritax Eurobox’s long-term prospects and think a fall in its share price is worth looking at. I know the current situation could cause demand for big-box property assets to fall in its Central and Eastern Europe territories. But as a long-term investor, I see the advantage of owning Tritax Eurobox shares. I think profits could soar as e-commerce turbocharges the need for warehouse and logistics spaces.

I like the company’s ongoing expansion in fast-growing markets (this week it paid €144.3m to acquire a property in the Netherlands). I think this UK share is particularly good to help me boost my passive income; its forward dividend yield sits at 4.5%.

Tritax Eurobox (4.5% dividend yield)

I’ve sought to grab a slice of the e-commerce boom by buying shares in Tritax Big Box REIT. This is a UK share that provides the warehouses and distribution hubs that allow companies to get their products to consumers. The only problem with Tritax Big Box is that it only operates in Britain, so it has very little geographical diversification.

Sure, the UK is Europe’s largest (and one of its fastest-growing) e-commerce markets. But I think investing in its continental cousin Tritax Eurobox (LSE: EBOX) could be a good idea to expand my portfolio’s territorial footprint. This particular dividend stock owns assets in Germany, France, Spain, Italy and a handful of other large European economies. This includes the fast-growing emerging market of Poland.

Tritax Eurobox has plenty of financial firepower to continue building its portfolio too, following fund raising in September and December of last year. Earlier this month, it completed an acquisition of another logistics property in Sweden. And it has a pipeline worth around €300m to continue executing its growth strategy.

Acquisitions can be dangerous as it can expose a firm to multiple risks, such as unexpected costs and disappointing demand. But Tritax Eurobox has a strong track record on this front and this provides me as a potential investor with decent peace of mind.

Springfield Properties (4.2% dividend yield)

I also think holding shares in housebuilders is a good idea as Britain’s home supply crunch drags on and property prices steadily rise. I’m considering bulking up my exposure to this sector by buying shares in Scottish housebuilder Springfield Properties (LSE: SPR). This company trades on a forward P/E ratio of 9.5 times predicted earnings. It also offers that chunky yield, both of which combine to offer supreme value, to my eyes.

Like all UK shares, Springfield doesn’t come without risk. A rapidly-slowing domestic economy could prove catastrophic for homes demand as confidence sinks and buyer affordability comes under pressure. The scheduled withdrawal of Help to Buy in March 2023 throws up another potential danger.

It’s my opinion though that demand for newbuild properties should continue to outstrip supply for many years ahead. Government policy hasn’t got to grips with the problems hampering construction rates. At the same time, interest rates are likely to remain below historical norms and competition in the mortgage market should help first-time buyers get onto the property ladder too.

Besides, as estate agency Savills recently noted: “Schemes including Deposit Unlock, First Homes and an expanded Shared Ownership programme may fill a large proportion of the gap left by Help to Buy.”

So I think construction stocks like Springfield Properties remain great UK shares to own.

Making money with the property boom

Trading at Britain’s listed homebuilders has exceeded most expectations so far in 2021. Springfield Properties (LSE: SPR) has proved no exception as demand for new homes soars past supply.

Interest in its affordable homes is rocketing and the Scottish homebuilder reported a record order book of £91.5m as of June. It’s possible that enquiries for cheaper properties will pick up the pace too, as soaring inflation puts household budgets under increasing stress.

I’m confident that home sales should remain strong in 2022 as low Bank of England base rates, Help to Buy support for first-time buyers, and intense competition among lenders benefits buyer affordability.

Though I am mindful that residential property demand might fall sharply following the removal of recent Stamp Duty breaks, pulling sales at the likes of Springfield lower. According to HM Revenue and Customs, home transactions slumped 52% month-on-month in October.

However, City analysts are expecting Springfield Properties to report solid and sustained earnings growth over the short-to-medium term right now. They are predicting bottom-line rises of 4% and 15% for the fiscal years to May 2022 and 2023 respectively. Consequently, the homebuilder trades on a forward price-to-earnings (P/E) ratio of just 10 times.

The good news doesn’t end here either. Current dividend projections leave Springfield sporting yields of 4.1% for this year and 4.6% for fiscal 2023. These figures both beat the 3.5% forward average for UK shares by a very decent margin.

Boxing clever

Springfield Properties isn’t the only mega-cheap UK share I’m thinking of snapping up today. Tritax Eurobox (LSE: EBOX) is another British stock I think offers terrific value from both a growth and income perspective.

A chronic shortage of new property is also affecting the commercial warehouse and logistics market. This means that, like residential developers such as Springfield, property companies like Tritax Eurobox can also ask top dollar for the space they provide.

The growth of e-commerce is turbocharging demand for the buildings that retailers, manufacturers and couriers need to get their product to the consumer. Tritax Eurobox is acquiring assets and land at a swift pace to make the most of this opportunity too. It’s sealed property deals in Sweden, Germany and Italy in the past few months alone.

City analysts reckon Tritax Eurobox’s earnings will rise 29% in the financial year ended September 2022. This leaves the company trading on a forward price-to-earnings growth (PEG) multiple of just 0.8. In addition to this, the property powerhouse packs a meaty 4% dividend yield too.

Mistakes in the acquisition process, like paying for an asset that turns out to be in a bad location, is a risk that Tritax Eurobox investors have to swallow. But I believe this danger is baked into the company’s low valuation right now.

One way around this would be for me to load up on a few of the best real estate investment trusts. This would help to diversify my portfolio and may provide some protection against a correction or market crash. 

Reliable tenants

My first pick of the best real estate investment trusts to buy now is Primary Health Properties (LSE: PHP). This company owns purpose-built facilities which it leases out to GPs and government bodies. 

Unsurprisingly, rental income is about as predictable as it gets. Occupancy rates are also very high, at 99.6%. I can’t see this falling in the aftermath of the pandemic either. In fact, Covid-19 has served as a reminder of the importance of providing access to appropriate healthcare outside of hospitals.

Sure, PHP will never shoot the lights out. The share price has climbed a little under 50% since 2016. That’s clearly far less than I could have made elsewhere, highlighting arguably its biggest drawback.

Then again, massive gains aren’t the objective here. This is primarily a vehicle for protecting cash. It’s also a great income play. Right now, analysts have PHP yielding 3.7%. 

Hot property

Another option if I were looking for downside protection, at least in my view, is Tritax Eurobox (LSE: EBOX). If the name rings a bell, that’s because the much larger, UK-focused Tritax Big Box is currently knocking on the door of the FTSE 100. 

EBOX specialises in what might be regarded as ‘hot property’ at this point in time, namely warehouses. Thanks to the huge growth seen in e-commerce (and supported by the pandemic), retailers are crying out for more logistics space to hold their stock. This has helped send the share price more than 30% higher over the last year. 

Yes, an economic slowdown may put an end to this momentum as people tighten the purse strings. Even if this doesn’t happen, we could see more money being spent on experiences as opposed to possessions for a while.

However, I doubt this will hold back EBOX for long. And at around a £750m market cap, the company has a lot of space left to grow. The shares also yield 3.5%, as I type. 

Inflation-linked income

I think we can all agree that supermarkets are pretty defensive businesses. Since we all need to eat, it makes sense that cautious investors might want some exposure to this space.

If I didn’t want the hassle of picking a winner out from the pack, I could buy Supermarket Income REIT (LSE: SUPR). It aims to provide owners with inflation-linked income as well as capital appreciation over time. It does this by investing in omnichannel stores — large supermarkets that also operate as fulfilment centres for customers wanting home delivery and the option to click and collect. Its chief customers are the UK’s ‘big four’: market-leader Tesco, Sainsbury, Asda and Morrisons.

Will this approach deliver greater gains than investing in one of the companies mentioned above? Probably not. However, SUPR does boast a super forecast yield of 4.9%.

Like PHP and EBOX, I think this makes it one of the best real estate investment trusts to buy now. 

This short-term murkiness isn’t discouraging me from continuing to invest in my Stocks and Shares ISA, however. Firstly, there are plenty of great companies out there that I think should perform strongly whatever the broader economy does. Secondly, as a long-term investor I buy stocks I think will make me big returns over a decade or more, not just what I can expect them to make in the next couple of years.

Here are what I consider to be two of the best UK shares to buy today. I think they’ll thrive whatever happens to the world economy.

#1: Boxing clever

Tritax Eurobox (LSE: EBOX) is one British company whose services are in high demand right now. It lets out big-box properties across Europe that help retailers, product manufacturers and delivery firms to reach their customers. The rapid spread of coronavirus on the continent means that trading should remain buoyant as the return of strict lockdowns will keep broader e-commerce volumes moving higher.

I’m backing this UK share to deliver great shareholder returns over the long term as well, as I think that online shopping will keep growing at a brisk pace even when the pandemic is over. Be warned, though, that the possibility of last year’s Brexit deal falling apart could cause Tritax serious problems. These could range from financing issues, higher tax liabilities, and trading problems among its tenants.

#2: One of the best mining stocks to buy?

I think shares like Sylvania Platinum (LSE: SLP) are also some of the best stocks to buy in these uncertain times. This is because platinum group metals (or PGMs) are dual role metals. It means that their prices can rise during periods of economic turmoil like silver and gold. Or their values can also increase as conditions improve and industrial demand for them increases.

A recent survey by the Global Palladium Fund certainly painted a positive picture for PGM prices. Two-thirds of the investors it quizzed reckon industrial activity will improve year-on-year in 2021. And so a similar percentage (69%) of respondents said that platinum and palladium prices would rise accordingly. Just under a quarter predicted that “prices will increase dramatically”.

The outlook for metal prices might be sunny, and particularly with tightening environmental legislation supercharging demand (PGMs are critical components in cars’ catalytic converters where they are used to clean up emissions). But remember that mining shares can be risky as production problems can be common and have a significant impact on profits. That said, I still think Sylvania Platinum — like Tritax Eurobox — is one of the best UK shares to buy for these uncertain times.