Daily Briefing — Wednesday, March 18, 2026
EU commits 200M to Portugal submarine cables, Seguro marks 10 days in office, PSI gains on Galp surge, Fed decision today, clocks forward March 29.
Good morning from The Portugal Brief. Here is your daily news round-up for Wednesday, March 18, 2026.
EU Commits €200M to Portugal Submarine Cable Upgrade
The European Commission opened two funding competitions worth €200 million, with Portugal's Atlantic Triangle project — connecting the mainland to the Azores and Madeira — among 13 priority initiatives. The new smart cables will detect seismic activity and measure ocean temperatures in real time. Current cables expire in 2028.
President Seguro Marks First 10 Days in Office
António José Seguro has settled quietly into the presidency since his March 9 inauguration. No dramatic moves or confrontations — a deliberate contrast to the political turbulence of the past year. He won with 66.84% of the vote, the highest total in Portuguese presidential history.
PSI Closes Higher as Galp Leads
The Lisbon PSI index gained 0.50% on Tuesday, with Galp Energia the standout performer (+2.32% to €21.18) as elevated oil prices benefit energy stocks. Global markets rebounded with the S&P 500 up 0.6% ahead of today's Federal Reserve decision.
Fed Decision Day: Rates Expected to Hold
The US Federal Reserve announces its interest rate decision today. Markets expect rates to hold at 3.75%, but the dot plot projections will be closely watched. With oil near $93/barrel and Iran tensions persisting, the Fed faces a stagflation dilemma that has implications for ECB policy and European mortgage rates.
Clocks Go Forward March 29
Daylight saving time begins on Sunday, March 29, when clocks jump forward one hour at 1:00 AM across mainland Portugal and Madeira. The Azores change at midnight. The EU debate on ending clock changes remains unresolved — Portugal opposes abolishing the practice.
REN Warns on Energy Prices
Portuguese energy grid operator REN warned that the Middle East conflict will push up energy bills for consumers. With WTI crude hovering near $93 per barrel, households should expect continued upward pressure on electricity and gas costs through spring.
AD Leadership Election Concluded
The AD coalition held its leadership ballot on March 13-14, with Hugo Soares running for a full term as party leader. The election comes after the coalition's disappointing showing in the presidential race, where their candidate Luís Marques Mendes polled just 11% and failed to reach the runoff. Latest polling shows AD and PS tied at 28% each, with Chega at 25.3%.
