Bloomberg Intelligence sees €41bn cable backlog supporting sector - 28 Jul 2026

As of July 28, today's news highlights significant developments in the cable manufacturing sector, involving Prysmian and its competitors, alongside market reactions related to technology companies. Prysmian, alongside competitors Nexans, NKT, and Cenergy Cables, stands to benefit from a substantial transmission order backlog valued at approximately 41 billion euros, as reported by Bloomberg Intelligence. This backload is largely driven by subsea projects, promising a solid revenue outlook through 2028-2029. Meanwhile, Corning's shares experienced a significant decline of up to 19.5% after the company provided third-quarter revenue guidance that fell slightly short of market expectations. This led to investor disappointment despite notable year-over-year growth. Elsewhere in the market, U.S. utility CenterPoint Energy reported second-quarter profits that exceeded analyst expectations, enabling the company to raise its capital expenditure plan by 1.2 billion dollars, reflecting increased demand for power driven by data center expansions in its service territory. This aligns with an industry trend of utilities ramping up investments to accommodate soaring energy needs from the tech sector. In the broader economic context, Asian semiconductor stocks faced downturns, driven by competitive pressures from China and high valuations raising alarm amongst investors. The decline was pronounced in South Korea, where major companies such as Samsung Electronics and SK Hynix posted significant losses. Additionally, copper declined today, weighed down by a strong dollar and rising bets on an interest rate hike by the Federal Reserve that could dampen demand for industrial metals. Finally, geopolitical tensions continued with Oman proposing a Gulf-backed management plan for the Strait of Hormuz, which includes voluntary fees for usage. This effort attempts to ease disruptions in maritime trade linked to ongoing U.S.-Iran tensions, though Iran has shown resistance to external proposals regarding the strait's control.