Neil Shah of Edison group looks at a couple of companies which will benefit from the cycle turning in response to declining interest rates. Both are related to the housing market. Estate agents Foxtons have a reasonably-new management team and their interim results show encouraging progress and seem reasonably valued. So too is Topps Tiles, which Neil has discussed on Share Radio before. They are expanding their commercial and online business and doing all the right things. There are notes on both companies on the Edison website: https://www.edisongroup.com.

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Andrew Keen, head of resources at Edison Group, discusses the global diversified miners. Although known for volatility and economic exposure, they are, he says, effectively commodity portfolio managers, a proxy for commodity baskets. While it is difficult for most private clients to research individual commodities and mining stocks, it is not hard to understand the large companies. However, when considering the majors, he suggests that investors should do their own ESG assessment.

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Following the Bank of England's interest rate cut Russ Mould of A J Bell discusses the positives and negatives of lower rates. He also talks about the strong flow of share buybacks in the UK, with almost £50bn announced so far this year. He explains why they aren't always a good idea and should be viewed on a case-by-case basis. Although private investors don't benefit directly, their equity stake in the company grows. With a total cash yield on the FTSE100 of 6.3% (even more with FTSE250), he feels the UK market is looking ever more attractive.

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Russell Pointon of Edison Group summarises the company's quarterly consumer report, which finds signs of better momentum in profit reports and, despite a tough macro background, sees consumer confidence increasing. Among companies that are lowly valued relative to their peers, Russell highlights Card Factory. Under relatively new management, it is extending its range beyond greetings cards into gifts and party goods and also moving into suitable overseas markets. Despite good growth prospects, its multiple is still in the high single digits and it has returned to paying dividends.

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Daniel Casali, chief investment strategist at Evelyn Partners, looks at the outlook for global stocks, where it's been the AI theme that has driven markets, led by the six mega caps. But, unlike the dotcom bubble, there are real earnings here as these companies are generating big profits so the high ratings can be justified. We now need to see how AI will be utilised by businesses.

He also explains why sterling could be heading for a revival under Labour, helped by an improved relationship with the EU which, with the Ukraine situation, needs UK military intelligence and equipment. If the pound improves for the right reasons, it could drive up the currently low valuation of the UK stock market.

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Dan Ridsdale, head of technology at Edison Group, looks at the state of play with AI, a structural growth trend, where only the companies on the hardware side stand at a premium. In looking at where the revenue from AI will come, investors need to consider what sort of companies will benefit from its use and which have the best relationships with the AI providers. He also discusses geospatial and spatial technology, an area in which the UK excels. As people are not paying this area of growth enough attention, shares in companies such as 1Spatial are not standing at a premium.

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Neil Shah of Edison Group looks at YouGov whose shares have halved since a recent profit warning. Despite having 15 years of valuable data and with a sound core business, they were on a vulnerable high rating and investors will how need to reassess and reevaluate and it may be some time before the shares are less volatile. Diageo shares have fallen 30% or so this year, partly because of weakness in the Latin America region. It feels like an opportunity to buy into a quality business which can continue to grow market share in sector which has attractive prospects and the company is one with a fabulous record on dividend payouts.

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Russ Mould of A J Bell wasn't surprised that the Bank of England's Monetary Policy Committee opted for no change in interest rates, though he was surprised that the vote was yet again 7-2. Services inflation is still too high, as is wage growth, for the Bank to be comfortable easing off. He notes that the UK stock market is now worth more than the French, one positive sign. He will be interested to see what the new government does when it comes to planned reforms and the UK market. Have we become too risk-averse?

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Neil Shah of Edison Group discusses two turnaround situations. Video games company Frontier Developments suffered along with the entire sector but its new games are performing well, as is its back catalogue. It is now focusing on its core business and Neil feels it's one to put on the radar and watch. Dialight makes LEDs to be used in challenging environments and is well positioned for growth, with a new management team having a more pragmatic vision. It may also receive a large payout if it triumphs in ongoing legislation.

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Russ Mould of A J Bell says that markets have traditionally done better under the Conservatives, though they have had longer in power than Labour. While the size of majorities makes no discernible difference, what is important is the macro side and particularly inflation. Since 2019 the CPI is up 22% and the RPI 33%, with wages up by a quarter. He looks at how different sectors might be affected such as housebuilding, energy, rail, utilities, defence and retail.

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