A moderately positive start to the week for Piazza Affari in the wake of the reassuring statements by Federal Reserve Chairman Jerome Powell. In his speech at the Jackson Hole virtual symposium, Powell remarked that tapering could actually start by the end of the year, but a lot will depend on the data, as well as on the downside risks associated with the Delta variant. Powell said tapering is not a prelude to an impending rate squeeze. In the coming days, traders will shift attention to US employment data, with the release of the ADP private sector survey (Wednesday) and the Department of Labor monthly report (Friday).
In closing, the Ftse Mib stopped the clock at 26,024 points, + 0.07% compared to last Friday’s closing levels. Saipem did well with + 1.58%. Following on from STM (+ 1.57%) which continued to benefit from the rumor reported last week by the Wall Street Journal about the intention of the chip giant Taiwan Semiconductor Manufacturing Company (TSMC) to increase prices between 10% and 20% % effective between the end of 2021 and the beginning of 2022. If confirmed, the increase will have the effect of a cascading price increase from TSMC’s customers which include the majority of semiconductor companies globally, such as Infineon and STMicroelectronics.
Among the big assets today Enel (+ 0.9%). New sprint today for Interpump (+ 2.27%) which marks the new all-time highs above the 60 euro wall.
Among the minus signs, Unicredit (-1.65%), Bper (-1.17%) and Tenaris (-1.09%) stand out.