Chipmaker Rebound Gathers Pace; US-Iran Strikes Extend to Tenth Day | Bloomberg Brief 07/21/2026

Summary

Bloomberg Brief covers a semiconductor rebound driven by TSMC's planned 10% price hike and the ongoing US-Iran conflict. The UK's new prime minister appoints John Healy as chancellor, boosting defense stocks like BAE Systems. State Street strategist Marvin Loh remains bullish on equities and a rotation into financials but warns on long-dated Treasuries. Lockheed Martin's aeronautics president outlines robust F-35 demand and production advantages.

• TSMC to raise chip prices by up to 10%, supporting semiconductor stocks.
• US-Iran strikes enter tenth day; Houthis threaten Red Sea shipping.
• Goldman Sachs sees Brent potentially at $120 per barrel if Hormuz supply is disrupted.
• New UK Chancellor John Healy seen as a positive for defense stocks like BAE Systems.
• State Street's Marvin Loh maintains positive risk bias and sees a rotation into financials.
• Loh expresses concern over long-end Treasury performance due to issuance and rate risks.
• Lockheed Martin's F-35 demand remains robust with a production speed advantage.
• US proposes a 50% tariff on some Canadian goods, but negotiations are expected.