Business

A surge in Libyan oil production in July sent total OPEC output higher by 172.6kbpd last month to 32.87mmbpd, the highest monthly production this year, as Saudi production also hit a 2017 high of 10.067mmbpd, up 31.8kbpd on the month the latest OPEC monthly market report revealed. Nigeria - which like Libya is exempt from the supply cuts agreed upon in last year's Vienna meeting - saw another month of rising crude production, with its total supply rising by 34.3kbpd to 1.748mmbpd.

European and Asian market and S&P futures have resumed their slide, as geopolitical tensions between North Korea and the U.S. spiked again overnight after Pyongyang responded to the latest set of warnings by Trump, revealing a plan to fire 4 ballistic missiles at Guam by mid-August. Gold gains for a third day while Brent rose above $53.

Perhaps The Burning Platform summarized the idiocy of Philadelphia's soda tax better than anyone to date:

Authored by Adam Tooze via ProspectMagazine.co.uk,

Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?

While Jeff Gundlach has been engaging in an odd subtweeting campaign on Twitter over the past week with an unnamed media outlet that is allegedly being used by a similarly unnamed Doubleline competitor to accuse Gundlach's fund of doing poorly and is suffering outflows, something the "bond king" has said is a "false narrative"...