Russ Mould of A J Bell and author of the Telegraph's Questor column wonders why the Chancellor gave a speech about giving a speech, comparing it to Hugh Dalton having to resign in 1947 for letting slip something in the Budget. But the Budget will be important for affecting the 10-year gilt yield, seen as the risk-free rate. Any other investments should be priced to provide higher returns. As examples, utilities are seen as bond proxies as there's little expected capital growth, whereas discounted cash flow models are used to price tech stocks. If the 10-year yield rises, it decreases the value of equities and vice versa. Investors should always bear in mind its importance. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Neil Shah of Edison group feels that Primary Health Properties, which does what it says on the tin, will benefit from the takeover of Assura. 80-90% of its income is backed by the government so the shares can be compared to gilts, except that the company will produce growth and rising dividends. It's on a prospective yield of 7.7%. He is also upbeat on the UK market. American investors are looking for value, yield and safety outside the US and, despite all the doom and gloom, there are positive signs in the UK. Neil thinks there will be a Santa rally this year. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell says that he is being bombarded with questions about whether there will be a market meltdown. On the negative side are government debt and interest bills which inhibit growth and might lead to a deflationary bust; soaring private debt; the private credit wobble; unbalanced markets; and high valuations. On the positive side the US economy might run hot as Trump wants; central banks might cut interest rates; and AI could produce an amazing productivity boom. Nervous investors should maintain a diversified portfolio and keep nothing that is giving you ulcers or sleepless nights. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell considers what might happen to gold. How safe is it riding such a volatile bull? Gold, after all, generates no income. The price appears to be responding to a loss of central bank control, galloping debt and stubborn inflation, as well as central bank buying after US sanctions on Russia. The run may have gone far enough but investors who are interested should remember the importance of being diversified. Russ points out that silver and platinum are still very cheap relative to gold while oil is at relative multi-year lows. Mining stocks tend to lag the metal. Russ mentions a few but thinks broad mining ETFs could be more sensible. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Chloe Wong Yun Shing of Edison Group highlights the cards, gifts and party essentials company Card Factory. Recent results show store revenue up 1.5% like for like. Costs have risen 4.4% but the company is mitigating this and is shifting focus online. Mobile payment company Boku were made Company of the Year at the AIM Awards. They're a good example of how fintechs are growing. Boku, capitalised over £600m, are working with some very large international businesses. Revenue is up 27% like for like, they are delivering growth, improving profitability and have plenty of cash to keep investing. Edison believe there's a 60% upside. Notes for both companies are on the website. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell remarks on the Bank of England slowing down its gilt sales. The 10-year gilt, currently 4.7%, is seen as the risk-free rate against which other bonds are rated, the risks with them being inflation, interest rates, credit risk and liquidity. With equities, there's a mysterious turning point where institutions feel it's safer to be in gilts. After its rise, the UK market isn't as attractive as it was. The cash yield on the FTSE is a lttle north of 6%. 19 of its companies offer more than the risk-free rate. The old rule of thumb was that if it's double, as one company is, it's "too good to be true". Where do we go from here, though, with a moribund economy and the UK still adding to its debts? Learn more about your ad choices. Visit podcastchoices.com/adchoices

Neil Shah of Edison Group admires Next for its forward planning and economic predictions. Its latest report anticipates anaemic growth, depressed by poor job opportunities, excess government spending and regulation and a rising tax burden. Coming on top of news that fund managers are dumping UK equities at the fastest rate in 20 years, it feels like a turning of the tide. On a more optimistic note, he says that housebuilder Springfield Properties is pivoting its portfolio to build housing to take advantage of green-related construction in the north of Scotland and feels that there's a long way to go. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell returns to the topic of mining, particularly copper, in the wake of the link-up of Anglo American and Teck Resources. Copper is a great guide to the economic weather, with many industrial uses and being essential to electrification. Although nobody seems to be discussing it, Teck was trading at a big discount and has many possible synergies with Anglo. Russ also discusses some of the many indicators he finds useful as a guide to what markets are thinking. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Finlay Mathers of Edison highlights Futronic, an AIM-listed UK technology company specialising in extremely-high-frequency radio solutions for space, defence and communications. They've recently seen a sharp increase in growth and new contracts with Space X now account for almost half their revenue. Although it has a high rating, this reflects the step change in Futronic's growth rate. He also discussed BP, which has shifted back to its roots, focussing on shareholder returns and reducing costs. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell suggests that miners and commodities are looking interesting. Greek energy and commodity giant Metlen is about to join the FTSE 100 although only 20% of it is metals-related (the rest is in energy). But gold and silver have been on a tear, copper is up, as is iron ore,and yet commodities are still at a multi-year cyclical low. Investors need to be careful about investing in indvidual companies, given the problems just revealed at Hochshild. But exposure to a basket of mining and commodity companies could be sensible. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Chloe Wong Yun Shing of Edison Group takes Simon Rose through their quarterly Consumer Watch report. The second quarter was hit by shocks like US tariffs while the labour market in the UK softened. Consumer confidence was weak here, in Europe and in North America, though 12 of the UK's 16 subsectors outperformed the market. Among undervalued companies with earnings momentum identified by Edison are Card Factory, Curry's and Trainline. The full report is on the Edison Group website. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell is intrigued by Rolls-Royce's CEO saying his company is capable of being the largest in the FTSE. It's currently sixth. He also said he saw no need to moving the listing to the US as others have done, despite half its revenue coming from Stateside. Russ explains why US stocks are on almost double the UK rating and explains why switching the listing is not a free ticket to a higher multiple. But in any case, the era of big cap growth won't last for ever and investors may find better value elsewhere. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell explains the impressive performance of the UK stock market, with the FTSE passing 9,000 for the first time. UK equities have outperformed those in the US this year despite the dollar having fallen 10%. As Russ has said regularly in this spot, unloved can mean undervalued and that appears to be the case. With regular M&A activity and buybacks, it's estimated the All-Share is on an effective 6.6% yield so a good deal of cash is coming back to investors. The economic picture in the UK may be dire, but don't forget that two-thirds of the FTSE's earnings come from overseas. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Chloe Wong Yun Shing of Edison Group returns to the topic of Athens-listed energy & metals company Metlen. Expanding into the defence equipment supply chain, its stragegy remains capex-led and organically financed. Its arrival on the London market in August will be the biggest listing of the year and the £5bn company will qualify for entry to the FTSE, making it a unique and attractive new stock. Finlay Mathers of Edison highlights a relatively small labour supply company listed on AIM. Hercules is worth £34m and recently made a big acquisition. Its revenues are rising, its margins stable and the market in areas like power transmission is growing. Although little known, the company is trying to increase the level of retail interest. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Fergus Caheny of Evelyn Partners says investors cannot ignore what is currently happening in the US, where Trump is unhappy with Jay Powell, the Chair of the Fed. It's a politically independent job with nine months to run and Trump cannot sack him. But there's talk of a shadow Fed chair which could challenge the incumbent. With growing unease at the growth of the US deficit, the bond markets are flashing amber at a time when more investors are turning to them as they offer better rates than for years. Bonds will be one of the most important stories over the next four years of Trump's presidency. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Neil Shah of Edison Group feels BP is going through a transformation under a new management team although, like Rolls Royce, it will take time to gain traction. Reducing debt will make the company a less risky business but it is a key income provider with a progressive dividend policy and a secure income stream so its 6.5% yield is attractive. J P Morgan European Discovery Trust is indicative of the greater confidence in European economies where interest rates have stabilised. The fund has pivoted away from sector bets to stock selection and has an impressive record of finding small companies that prove to be big winners. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Chloe Wong Yun Shing of Edison Group looks at London estate agency Foxtons, which operates in lettings, sales and financial services. It has 6% of the market and expects to move beyond London through acquisitions. It is pivoting towards lettings, which will reduce cyclical volatility. Edison's analysts feel the shares are only half their fair value. Record plc is a specialist asset manager for institutions focussing on currency and derivative management. While full year results saw a drop in revenue and profits, assets under management remained solid at over $100m. It's a cash-generative business with no debt and a yield of 8% supports the shares. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell, declaring himself no expert in geopolitics, is suprised that markets have not put a bigger risk premium on oil in the past few days. Clearly investors are hopeful that there is not going to be a major escalation. He discusses the rise in the gold price, up 46% in a year in dollar terms, pointing out how expensive it is historically compared to oil and various other commodities. Those investors who fear inflation will probably take a different view on how to structure their portfolios than those who are more worried about a slowdown, recession or even debt deflation. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Finlay Mathers of Edison Group looks at two companies benefitting from increased spending on defence. After some problems last year, Chemring now has a £1.3bn record order book. The company mainly focusses on counter measures and its recent results were very positive. Avon Technologies specialises in military headgear and respiratory equipment. 50% of its revenue comes from the US Department of Defense. Although profitability had been under pressure following an acquisition, the company is seeing higher than expected growth and things look very satisfactory. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Russ Mould of A J Bell points out that financial stocks have been performing really well of late, partly because things have been boring for them, with nothing untoward happening, while the yield curve is working in their favour. Banks will benefit from supply chains being brought home. They're difficult for private investors to analyse and there's a risk of performance chasing but, if they generate double-digit returns, there could be more to go. Russ highlights the banks value investors might favour and those offering decent yields, especially the big banks, which are also engaged in buybacks. Learn more about your ad choices. Visit podcastchoices.com/adchoices