Red wave penalizes EDP Renováveis and Mota-Engil
EDP Renováveis and EDP were among the most affected at the close of trading on the Portuguese stock market on Monday. Adverse headwinds in the sector explain the 3.08% and 1.65% declines, according to Millennium research.
Monday was a red day for Lisbon and its European counterparts. The green effect that swept the markets on Friday, with US Federal Reserve Chairman Jerome Powell opening the door to a September interest rate cut , proved short-lived. On the Portuguese stock exchange, EDP Renováveis and EDP were among the most affected due to "adverse winds" in the sector.
In Portugal, the listed companies most affected by Monday's red wave were Mota-Engil and EDP Renováveis, whose share prices fell 3.08% and 2.99%, to €5.03 and €10.38, respectively. Also notable were losses for EDP, which closed down 1.65%, to €3.81, and REN and CTT, which ended the day down 1.16% and 1.15%, to €2.98 and €7.73.
Navigator, Altri, Sonae, Banco Comercial Português (BCP) and Corticeira Amorim were also in the red.
On the gains side, NOS rose 0.76% to €3.99, Jerónimo Martins rose 0.67% to €21.04, and Semapa rose 0.66% to €18.20. Ibersol also closed in the green, while Galp Energia remained unchanged.
The Portuguese index (PSI) closed Monday's session with a loss of 0.79%, to 7,917.15 points.
The main European stock markets closed in the red on Monday, with the exception of the British stock index. The DAX (Germany) fell 0.50% to 24,249.84 points, the CAC 40 (France) fell 1.59% to 7,843.04 points, while the FTSE 100 (United Kingdom) ended the day in the green, rising 0.13% to 9,321.40 points.
The AEX (Netherlands) fell 0.20% to 911.11 points, the IBEX 35 (Spain) fell 1.02% to 15,253.50 points, and the FTSE MIB (Italy) fell 0.21% to 43,221.00 points.
"European stock markets closed lower on a day when London was closed for a public holiday. The Parisian stock index saw a more significant drop, reflecting political tensions in the country, which led Prime Minister François Bayrou to announce that he will move forward with a vote of confidence on September 8th, in an attempt to force political parties to take a position on the government's budget proposals in parliament. In Portugal, the PSI was punished by the sharpest declines in EDP Renováveis and EDP, reflecting the sector's headwinds after the Trump administration halted construction on an offshore wind farm belonging to Orsted," reveals Millennium research.
Oil prices were trading in the green at the close of European markets. Brent crude rose 1.70% to $68.36, and crude oil rose 2.01% to $64.94.
The euro was down 0.42% against the dollar, to $1.16732, and down 0.17% against the pound, to $0.86555.
The United States mobilizes the focus of the markets
For this Tuesday, the focus shifts to the release of consumer data on economic activity in the United States, for August, and to orders, also in the United States, for durable goods, for July.
In the United States, a two-year government debt auction is also being held.
In Spain and France, consumer confidence data for July is released, and in Brazil, mid-month inflation for August is revealed. Japan also releases inflation data.
Speeches by members of the Central Banks of the United Kingdom and Canada are also scheduled for this Tuesday.
jornaleconomico
