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• Trump announced 30% tariffs for Mexico and the EU
  The president posted letters addressed to European Commission President...
  The president posted letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum on his Truth Social account, saying the import taxes would be placed on Mexico and the European Union effective August 1. Both trading partners have been negotiating with the American coterie for weeks, but neither has been able to finalize a deal. They responded by saying they will continue to seek agreements before the deadline. 
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• ☕️What Else is Brewing Monday Morning
  Q2 earnings season has arrived: This week is chock-full...
  Q2 earnings season has arrived: This week is chock-full of reports from financial heavyweights, starting on Tuesday with earnings from JPMorgan Chase, BlackRock, Citigroup, and Wells Fargo, then Goldman Sachs, Morgan Stanley, and Bank of America on Wednesday. PepsiCo, Netflix, and Abbott Laboratories are set to report earnings on Thursday, followed by American Express, Charles Schwab, and Truist on Friday. If that’s not enough data for you, the consumer price index comes out on Tuesday, while investors will get a glimpse into retail sales on Thursday.
  
  Patriot air-defense systems will be sent to Ukraine, President Trump said.
  
  Two women were killed in a church shooting in Kentucky. Police fatally shot the gunman.
  
  Former President Biden said he made all clemency decisions related to the use of an autopen.
  
  At Wimbledon, Iga Świątek trounced American Amanda Anisimova to win the women’s championship. In the men’s final, Jannik Sinner defeated reigning champion Carlos Alcaraz.
  
  Love Island USA named the winning couple of its seventh season last night.
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• Timing of Fed's rate cut may depend on this week's consumer-price report
  Where’s all the inflation from the Trump trade wars?...

  Where’s all the inflation from the Trump trade wars? So far, the evidence really hasn’t shown up — but many economists say it’s coming soon, perhaps as soon as this week.

  
  

  The timing of the Federal Reserve’s next move to cut U.S. interest rates will depend on whether they are right.

  
  

  The consumer-price index, one of the two main U.S. barometers of inflation, is expected to post the biggest increase in June since President Donald Trump jacked up tariffs to the highest level in decades. The June CPI report comes out on Tuesday.

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• US oil/gas rig count down for 11th week to lowest since 2021
  U.S. energy firms this week cut the number of oil and...

  U.S. energy firms this week cut the number of oil and natural gas rigs operating for an 11th week in a row for the first time since July 2020 when the COVID-19 pandemic cut demand for the fuel, energy services firm Baker Hughes said in its closely followed report on Friday.

  
  

  The total oil and gas rig count, an early indicator of future output, fell by two to 537 in the week to July 11, the lowest since October 2021.

  
  

  Baker Hughes said this week's decline puts the total rig count down 47 rigs, or 8% below this time last year.

  
  

  Baker Hughes said oil rigs fell by one to 424 this week, their lowest since September 2021, while gas rigs were unchanged at 108.

  
  

  In Texas, the biggest oil and gas producing state, the rig count fell by one to 255, the lowest since November 2021. Oklahoma was down one rig, now with 42 rigs running.

  
  

  But in the Haynesville shale in Arkansas, Louisiana and Texas, one of the nation's biggest and fastest growing gas producing regions, the rig count rose by one to 38, the most since March 2024.

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• Oil rises over 2% as investors weigh market outlook, tariffs, sanctions
  (Reuters) - Oil prices rose over 2% on Friday as the...

  (Reuters) - Oil prices rose over 2% on Friday as the International Energy Agency said the market was tighter than it appears, while U.S. tariffs and possible further sanctions on Russia were also in focus.

  
  

  Brent crude futures settled up $1.72, or 2.5%, at $70.36 a barrel. U.S. West Texas Intermediate crude gained $1.88, or 2.8%, to $68.45 a barrel.

  
  

  For the week, Brent rose 3%, while WTI had a weekly gain of around 2.2%.

  
  

  The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.

  
  

  Front-month September Brent contracts were trading at about a $1.20 premium to October futures.

  
  

  "The market is starting to realize that supplies are tight," said Phil Flynn, senior analyst with Price Futures Group.

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