Opening of the month of May with a prevalence of sales in Piazza Affari. The Ftse Mib closed 0.82% at 23,857 points. Markets are still reeling from the biggest thud of the past two years on Wall Street on Friday. Investors are looking with concern at the Fed, which is expected to announce a 50 basis point rate hike on Wednesday.
In Milan, widespread sales on STM which yields 2.53 %%. To weigh the news of the Wall Street Journal, according to which Apple aims to internalize a further part of its semiconductor value chain and in particular to start designing its own modems for iPhone, iPad and Apple Watch. There are, in fact, signs that this could happen in the next 12/24 months, Equita recalls as Apple acquired Intel’s smartphone modem business, including 2,200 employees.
Oil stocks (-3.85% Tenaris and -1.42% ENI) are in decisive trouble, with oil prices falling sharply today in the foreground the fears of a substantial slowdown in Chinese demand. Stellantis is also very bad at over -3 percent. Pending the Italian registrations due out at 6pm, the CEO Tavares remarked that the chip shortage will continue in the second half of the year. Banks are also down today (-2.75% Unicredit, -1.66% Intesa Sanpaolo) which will release the quarterly accounts in the coming days.