Headlines discussed at LNWM’s Monday morning briefing:

— The S&P 500 Stock Index finished down for July (1st monthly loss since Jan.), just after setting a record high the previous week.

— Inflation in the Eurozone hit its lowest level in nearly 5 years (0.4% annualized), fueling fears of deflation.

— The U.S. and the EU further tightened exports of energy-related technology to Russia.

— Argentina defaulted on its sovereign debt for the second time in 13 years.

— P&G Co., the world’s largest consumer-products company, plans to shed half its brands within two years.

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