Markets, Business & Tech Briefing -- 22 February 2026

PSI Approaching 10,000-Point Milestone

The PSI index has gained 1,000 points in fewer than 100 trading sessions, a pace of ascent not seen since before the 2008 financial crisis. Analysts point to a global rotation into European equities and the prospect of the Fidelidade IPO as key drivers. The index is within striking distance of the psychologically significant 10,000-point mark.

Fidelidade IPO Could Reshape Lisbon's Bourse

Caixa Geral de Depositos is reportedly evaluating an increase in its 15 percent stake in Fidelidade, Portugal's largest insurer, potentially as part of a stock market listing in 2027. The state bank sold the insurer to China's Fosun in 2014 for one billion euros. An IPO would be the most significant listing on Euronext Lisbon in years and could bring substantial new trading volume to the PSI.

Burying Portugal's Power Grid: A 19.4-Billion-Euro Problem

Jornal de Negocios reports that undergrounding the remaining 194,511 kilometres of overhead electrical lines would cost approximately 100,000 euros per kilometre — a total bill of at least 19.4 billion euros. The storms have intensified calls to accelerate the process, but the sheer cost makes full undergrounding a multi-decade undertaking at best.

Portugal 2030 Execution Reaches 15.3 Percent

Execution of the Portugal 2030 EU funding programme has reached 15.3 percent, with the business-focused component lagging at the bottom of the table. The slow pace is partly attributed to overlap with the closing of Portugal 2020 and simultaneous execution of the PRR, which must be fully spent by August 2026.

Housing VAT Cut to 6 Percent Approved

Parliament has authorised the government to reduce VAT on construction for moderately priced housing to 6 percent, down from the standard rate. The measure is intended to stimulate housing supply, though its impact will depend on how many projects qualify under the moderate pricing thresholds.

Vale Eficiencia Programme Suspended

The Environmental Fund has suspended new applications for the Vale Eficiencia programme, which provided vouchers to economically vulnerable families for energy efficiency improvements such as insulation and solar panel installation. No timeline has been given for when applications might reopen.

FlixBus Launches Storm Recovery Fare Offer

FlixBus is making 150,000 trips available at between 1.99 and 2.99 euros across its Portuguese network from 23 February to 29 March. The promotion is positioned as a solidarity initiative following the storm disruption, and bookings are open until 1 March.

VisitPortugal Conference 2026 on Tuesday

The fourth edition of the VisitPortugal Conference takes place on 24 February at Estufa Fria in Lisbon, bringing together more than 30 international speakers to discuss the future of tourism in Portugal. The event comes as the sector continues to navigate the tension between growth and sustainability.

Diesel Prices Rising

Fuel prices are set to increase from Monday, with diesel seeing an upward adjustment based on international commodity movements. The increase adds to transport costs for businesses and commuters already dealing with storm-related disruptions.

Financing the PTRR: Public Debt on the Table

Prime Minister Montenegro has confirmed that the PTRR recovery programme could be partly financed through public debt issuance. The financial envelope will only be defined after the national consultation period, with the final programme expected in early April. Markets will be watching the scale of any new borrowing closely.