promy

  Elon Musk, CEO of Tesla. Antonio Masiello | Getty Images Tesla  shares dropped more than 8% in premarket trading in the U.S. after the electric car maker reported second-quarter earnings that missed expectations amid ongoing pressure in its auto business. Elon Musk’s electric vehicle firm reported that automotive revenue  declined 7% year on year in the June quarter to $19.9 billion  while its  adjusted earnings margin also fell . The company has been forced to slash prices globally and offer discounts and incentives amid slowing sales and rising competition, especially in China — one of its key markets. Tesla’s stock is nearly 1% lower this year to date, while the  S&P 500  has risen more than 16%. Tesla remains the top seller of electric vehicles in the U.S. by far, but is losing market share to a growing number of rivals due in part to its aging lineup of sedans and SUVs and the impact of Musk’s  incendiary  and political commen...

  watch now VIDEO 09:27 Coming months won’t be easy for euro zone inflation, ECB’s Luis de Guindos says French markets will be “upset” if the country’s new government does not adhere to the European Central Bank’s new fiscal rules, Luis de Guindos, the institution’s vice president, said on Tuesday. De Guindos told CNBC’s Annette Weisbach that last month’s French bond market moves had not been a cause for concern that would require an ECB intervention. “What we have seen so far is that the evolution of [French] markets has been quite orderly,” he said in an interview at the ECB Forum on Central Banking in Sintra, Portugal. “We have seen a little bit of widening of spreads, but the situation has been under control in that respect.” The premium on the country’s borrowing costs compared to Germany’s has recently been trading at its highest level since 2012. France’s benchmark 10- year government bond yield has risen above 3.3%, roughly a 12-month high, since the snap election...

  Former British finance minister Rishi Sunak won the most votes in the second round of voting. Leon Neal | Getty Images LONDON — After 14 years in power, the U.K.’s ruling Conservative Party looks to be standing on the brink of a momentous electoral defeat in the July 4 vote. In the last few days leading up to the election, Prime Minister Rishi Sunak has tried to put a brave face on his party’s poor showing in the polls — which point to a mammoth win for the rival Labour Party — by saying the result was not a “forgone conclusion.” While there’s bound to be a reckoning after the election, and some serious soul searching as to where things went wrong, political analysts tend to agree there was not much that Sunak could have done to repair serious damage done by previous leaders in recent years. John Curtice, one of the U.K.’s most highly-regarded polling experts, put the party’s demise down to two irreparably damaging events in recent years. “This is not an election abo...