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Baby boomers use houses ‘like cash machines’ to fund holidays and cars: Baby boomers are releasing record amounts of cash from their homes to spend on cars and holidays

Britons prepare to ride a wave of Iranian oil: British consumers are set to reap the rewards of Iran’s return to the global oil market after Tehran reached a deal over its nuclear programme.

UK retail price index ex-mort int. payments advanced more than expected in June On a YoY basis in the UK, the retail price index ex-mort int.payments rose 1.10% in June, compared to a similar rise in the prior month. Market expectation was for the retail price index ex-mort int.payments to advance 1.00%.

UK house price index rose less than expected in May In May, the house price index registered a rise of 5.70% in the UK on a YoY basis, compared to a rise of 5.50% in the previous month. Market expectation was for the house price index to rise 5.90%

UK output producer price index dropped as expected in June In the UK, the non-seasonally adjusted output producer price index registered a drop of 1.50% on an annual basis in June, at par with market expectations. Output producer price index had registered a drop of 1.60% in the previous month.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.29% or $0.17 higher at $58.68 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 1.14% or $0.66, to settle at $58.51 per barrel. Oil had initially declined after Iran reached an agreement with the West with respect to its nuclear program. Moreover, the API reported that US crude oil supplies fell 7.3 million barrels for the week ending July 10.

he gap between analysts’ estimates of what companies are worth, and their actual value as measured by market capitalisation, is narrowing. That’s often a sign that deals are about to pick up, reports the newswire. In short, oil producers are starting to look cheap enough to get buyers interested.

Nostrum enters race for Tethys: Shares in London-listed Tethys Petroleum soared by 24.19% to 9.62p after the group confirmed that Nostrum Oil & Gas had approached the board with an offer for its entire issued share capital.

Oil prices drop as nuclear deal with Iran looms: Oil prices were stuck below $60 and with an Iranian nuclear deal in the offing could fall further again in the near future.

Petrofac grabs £470 million Kuwaiti order: Petrofac, which employs 4,500 in Scotland, has won a contract for Kuwaiti Oil Company worth around $780 million (£470 million

Wages in private sector rising at fastest pace for more than a decade in boost to living standards across Britain: Wages in the private sector are rising at the fastest pace for more than a decade in a boost to living standards across Britain, according to experts.

Interest rates on personal loans fall to lowest levels on record: Interest rates on personal loans have dropped to the lowest levels on record in the latest evidence that the cost of borrowing is continuing to fall for consumers.

Buy-to-let lenders face longer-term pain: Limits on tax relief for landlords could be a serious blow to specialist buy-to-let lenders, analysts at Barclays warned, as the changes in the emergency Budget undermine some investors’ income.

Opec: oil demand on the up but U.S. output growth is slowing: The Organisation of the Petroleum Exporting Countries has signalled the oil market may be turning slowly back in its favour after it revised upwards its forecast for world oil demand once again, while predicting supply from the U.S. will grow at a slower pace

Alent acquisition catalysed by demerger: Ademerger often presages the disappearance of one or both offshoots. The agreed £1.35 billion purchase of Alent, a speciality chemicals group cracked from the precursor that was industrial group Cookson, lends support to that theory. The takeover by Platform Speciality Products, a vehicle of prolific acquirer Martin Franklin, will expose Alent’s non-identical twin Vesuvius to renewed takeover speculation. Quiet activist Cevian has tendered its 22% of Alent for Platform shares. The offer values the equity and debt of Alent, whose products include fancy solder for mobile phone circuit boards, at 13.9 times trailing earnings, compared with a recent average of 10 times. The only investors who could legitimately be worried by the level of the bid would therefore be shareholders in U.S.-listed Platform. They can expect to hear talk of tax losses and synergies with other purchased companies. The paradox is that would-be consolidators such as Mr Davis and Mr Franklin could end up building new conglomerates through special purpose acquisition vehicles such as X2 and Platform. It is reasonable to ask whether these will create more value than the out-of-favour conglomerates from whose offshoots they may be partly composed.

Gunvor sells stake in Baltic oil terminal to Russian businessman: Gunvor, one of the world’s largest commodity traders, has sold a majority stake in its once-prized Russian oil terminal on the coast of the Baltic Sea to a local industrialist.

Genel Energy co-Founder Tony Hayward open to sale: Tony Hayward, former Chief Executive of BP, is prepared to sell Genel Energy, the lossmaking Kurdistan oil producer he co-founded, should a buyer hunting “high-quality assets” make an approach at the right price.

Iran prepares to pour more oil into troubled waters: A fleet of tankers is poised to pour 40 million barrels of oil into an overflowing global market as talks over Iran’s nuclear programme and the end of sanctions edge to a conclusion.

Demand for mortgages rises as rates keep falling: Demand for mortgages at banks and building societies has bounced back to its strongest level since the end of 2013.

UK retail sales across all sectors rose more than expected in June In June, on an annual basis, retail sales across all sectors climbed 1.80% in the UK, more than market expectations for a rise of 0.50%. In the prior month, retail sales across all sectors had registered an unchanged reading.