Business

Authored by Tsvetana Paraskova via OilPrice.com,

The four countries leading the boycott against Qatar are going back to their list of 13 demands for Doha to meet before talks can start, essentially reverting the Arab Gulf spat back to square one.    

At the same time, economic data for June shows that Qatar’s imports plummeted due to the blockade imposed by most of its neighbors, and foreign deposits at Qatari banks dropped to their lowest in nearly two years. 

Having 'predictweeted' Dow 22k yesterday, Apple's 6% surge (after missing iphone sales estimates) has confirmed President Trump's forecast and crossed the Dow Maginot Line for the first time... as Trannies diverge drastically (testing the 200DMA).

We note that Dow Futures briefly spiked above 22,020 last night...

But as the cash market opens, The Dow is now above 22,000...

After April and June's disappointment, ADP reports the US economy added 178k jobs in July (less than the 190k expectation and below June's upwardly revised 191k). This is somewhat in line with the 180k expectation for NFP on Friday.

Two months in a row, ADP has weakened as ISM surveys suggested employment is rolling over.

Once again Service-providing jobs dominated (+174k vs +4k for goods) with manufacturing losing 4,000 jobs in July.

Greenspan Warns Moving Into “Stagflation Not Seen Since the 1970s”

• Trump close to decision on addressing Chinese trade practices (Reuters); White House Weighs Trade Measures Against China (WSJ)
• Republicans Pivot to Tax Cuts Amid Frustration at Lack of Detail (BBG)
• Russian losses in Syria jump in 2017, estimates show (Reuters)
• Market Paradox: Firms Get Punished for Posting Earnings (WSJ)
• OPEC’s ‘Catch-22’: How to Unwind Its Deal to Cut Oil Output (WSJ)
• Trump’s CEO Brain Trust Hasn’t Done Much (BBG)
• How the World’s Biggest Buyout Deal Crashed and Burned (BBG)