PSI remains in the 'red', pressured by Mota-Engil
The Lisbon stock exchange is trading in negative territory in the middle of the session, with a drop of 0.09% to 7,748.87 points.
Mota-Engil led the losses, down 1.22% to 3.884 euros, followed by Corticeira Amorim and Altri, which both lost 1.10% to 8.09 euros and 4.965 euros, respectively. CTT slipped 0.66% to 7.52 euros, BCP slipped 0.60% to 0.6630 euros and Galp fell 0.34% to 16.11 euros.
In the opposite direction, EDP Renováveis gained 1.16% to 10.44 euros, followed by EDP, which increased 0.39% to 3.828 euros and REN advanced 0.16% to 3.065 euros.
The main European markets followed the Portuguese trend and recorded losses, with the DAX slipping 0.70% to 23,835.30 points, the CAC40 falling 1.04% to 7,673.52 points and the IBEX35 losing 1.61% to 13,939.19 points.
Millennium Investment Banking market analyst Ramiro Loureiro says that “ European stock markets are still down, in a session marked by lower trading volume, as Wall Street will be closed for a holiday in the US. President Donald Trump’s statements that his administration will begin sending letters to trading partners this Friday unilaterally defining tariffs, which countries will start paying on August 1, could be putting pressure on sentiment, particularly with the European Union.”
“On the macroeconomic front, it was revealed that orders to factories in Germany contracted considerably more than expected in May, a bad sign for the industry. Meanwhile, the reading of producer prices in the Eurozone revealed lower inflationary pressures upstream in the supply chain. French companies in the luxury sector, such as LVMH, and alcoholic beverages, such as Pernod Ricard, are retreating after China announced tariffs of up to 37% on French cognac, in retaliation against the European Union, which imposed customs duties on Chinese electric vehicles,” it said.
In the oil market, Texas WTI fell 0.87%, setting the price per barrel at $66.42, and Brent lost 0.89% to $68.19. Natural gas rose 0.18% to $3.415.
In the foreign exchange market, the euro appreciated 0.17% against the dollar, settling at 1.1776 dollars.
jornaleconomico
