FT News Briefing Wednesday, July 3
Jul 3, 2019
European leaders support Christine Lagarde and Ursula von der Leyen in key roles for the EU. Tesla sets impressive new production records. The Trump administration drops its controversial census citizenship question, while announcing nominations for the Federal Reserve Board. A significant shift in capital markets is discussed, highlighting a preference for private investment over public companies. Additionally, trends in IPOs reveal changing dynamics, with fewer companies going public and increased delistings.
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EU Leadership Nominations
- EU leaders nominated the first female European Commission president, Ursula von der Leyen, and Christine Lagarde for ECB president.
- The nominations, while gender-balanced, lack representation from central or eastern European states and may face opposition.
Tesla's Record Deliveries and Profit Pressures
- Tesla's Q2 deliveries rebounded with over 95,000 cars, exceeding Q1 figures despite international Model 3 delivery struggles.
- Lower Model 3 prices boosted sales but pressured profits, leading to cost cuts and fundraising.
Census Citizenship Question Dropped
- The Trump administration abandoned the 2020 census citizenship question after legal challenges.
- Opponents argued it would undercount Latino and immigrant populations, impacting representation and funding.