Markets, Business & Tech Briefing: Bolsa Shut on Saturday at 9,067, Sonae's SC Hospitality Loads a €50M Editory Push, Wireless Logic Lands in Portugal, INE Q1 Trade Gap Widens to €8.7B

Bolsa Closed for the Weekend at 9,067.26 — Weekly Read Locks in a 1.06% Drawdown and the Index's First Close Below 9,100 Since Late April

Euronext Lisbon's regulated cash market is shut on Saturday 9 May 2026 and Sunday 10 May; trading resumes at the open on Monday 12 May. The PSI sits at 9,067.26 points through the weekend, down 67.04 points or 0.73% on Friday and a cumulative 1.06% on the week — a clean two-session reversal off the 9,344.96 high-water mark printed on the Thursday of the prior week. The week's index move was driven almost entirely by the EDP earnings-reaction round: the Wednesday Q1 print showed a 12% year-on-year drop in headline net profit to €378 million on the lower Iberian wholesale-electricity tape, and the Thursday-to-Friday rotation through the analyst-day round close dragged the parent stock 2.02% lower on Friday alone, a cumulative 3.5% two-session move that wiped out almost the entire post-Iran-peace rally. Navigator printed Q1 net profit down 64% to €17.2 million on storm-damage costs at the Figueira da Foz and Vila Velha de Ródão complexes plus higher gas-and-CO₂ inputs, and Caixa Geral de Depósitos' Q1 net profit edged 1% higher to €397 million with Paulo Macedo booking a record €1.25 billion dividend back to the State on Thursday's late tape. NOS +1.25% ran the leaderboard on Friday as a defensive-telco rotation, Galp +0.90% caught the Brent rebound bid and Jerónimo Martins +0.70% bounced off Thursday's 52-week low at €19.24. BCP closed roughly flat on Friday after Thursday's +1.39% AGM-approval move and the post-record-Q1-print rotation through the dividend-and-buyback news. The week's 2.99% drawdown off the high-water mark sits on a 9,000 proximate-downside-test framework that the bank desks are now reading as the live test of the post-holiday rotation if Friday's hawkish ECB repricing extends into a fourth session.

Cross-Market Into the Weekend: Brent at $101.73, EUR/USD at 1.1774, Portugal 10-Year at 3.37%, Bund Spread 36bps — IGCP Auction Lines Up for 13 May

The cross-market tape sits in a clean reversal posture into the weekend after Thursday's deflationary-Iran-peace shock and Friday's partial unwind. Brent crude July futures closed Friday at $101.73 a barrel, up $1.67 or 1.66% on the day, with the curve having retraced about a quarter of Thursday's $99.55 low and locked in a roughly 7% on-the-week unwind from Tuesday's $113.54 peak; the WTI June contract tracked higher in tandem on the same supply-side bid. EUR/USD tagged 1.1774, up 0.41% on the day and 0.63% on the month, on a sharp hawkish repricing of the next ECB meeting that has cleanly reversed the disinflationary-cutting-cycle path through 2025: money markets are now pricing a June rate-hike probability above 75%, a striking shift away from the consensus single-cut window that had been the dominant rates trade through the second quarter and a clean repricing of the deposit-facility-rate floor at 2.15%. The Portugal 10-year Obrigações do Tesouro yield closed Friday at 3.37%, down 1 basis point on the day, down 5 basis points on the month and up 29 basis points year-on-year; the German Bund 10-year ticked higher 1bp to 3.01%, compressing the spread to 36 basis points — a tight reading that holds the IGCP refinancing tail-wind in place. The agency's 13 May auction window books up to €1.5 billion across the 4-year October 2030 line and the 10-year June 2036 tap; the auction calendar runs into a cross-market that has been re-rating the European periphery on the post-Iran-peace risk-on tape and that should keep Lisbon at the tighter-end of the spread distribution if the hawkish-ECB move does not bleed into a Bund-back-up curve.

Sonae's SC Hospitality Loads €50 Million Into Eight New The Editory Hotels — First Açores Property, Two Each in Madeira, Lisboa and the Algarve, on a Plan to Triple the Portfolio to 30 Hotels by 2031

The largest discrete corporate-flow print on Saturday's tape comes from SC Hospitality, the 50/50 joint venture between Sonae and the Lavra family that runs The Editory hotel chain, and the €50 million capital programme announced this morning to roll out eight new properties through 2027. The new openings cover a first Açores property, two each in Madeira, Lisboa and the Algarve, with a €5 million renovation envelope on top across the existing book — and the strategic plan now reads as a portfolio triple to 30 hotels by 2031, up from the current 14-property base built around the Lisbon Riverside, Porto Santa Justa and Madeira flagships. The move slots into Sonae SGPS's broader hotel-and-leisure thesis around the post-vistos-gold tourism-to-real-estate curve and the Penha Longa hotel-sale comp on the Worx Q1 2026 €915 million Lisbon-CRE read; with Sonae Sierra and the MC food retail core both running heavy capex programmes through 2030, the SC Hospitality envelope is the smallest of the three but the only one underwritten by a fresh-build pipeline rather than a refurbishment-and-expansion run-rate. Read-through to the parent equity is on the modest side — the joint venture is consolidated through the equity method and the €50 million envelope is split with the Lavra family — but the announcement closes the door on the post-Q1 reaction window with a clean strategic-positioning print.

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Wireless Logic Plants the UK IoT-Connectivity Flag in Portugal With a €1 Million Capex Envelope — Lisbon Framed as the Iberian Bridge to Lusophone Markets

Wireless Logic, the UK-headquartered IoT-connectivity group with 20 million connected SIMs across more than 165 countries and £200 million in 2024 turnover, formally opens a Portuguese subsidiary on Saturday's tape with a €1 million 2026-2027 capex envelope and a €2 million local-revenue target. The Lisbon office is staffed by a country-manager-led commercial team and pitched as the Iberian bridge to the lusophone markets in Brazil, Angola and Mozambique — the same Atlantic-facing M&A footprint that anchors the Caixa Geral de Depósitos-Mozambique BCI deal pipeline and that the Nscale Sines AI-data-centre announcement earlier in the week framed as the consensus-incoming UK-tech entry vector. The Wireless Logic move is the second discrete UK-tech foothold landing on the Portuguese map inside seven sessions and follows on from the Atmos Space Cargo Portuguese-launch operation print on Wednesday morning; on the read-through side, the entry slots into the Compete startups envelope and the PRR-aligned digital-economy bucket as one of the data points that the Banco de Portugal and AICEP base their incoming-FDI consensus on through the second quarter.

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INE Q1 Trade Gap Widens to €8.7 Billion as Bosch Portugal Closes 2025 at €2.2 Billion — Industrial-Production Tape Sets the Macro Framework Into Mid-May

The INE's Q1 2026 foreign-trade release published on Friday morning pushed Portugal's goods trade deficit to €8.7 billion, a 34% year-on-year widening driven by a €1.3 billion energy-import bill, the residual storm-damage drag on agricultural and industrial output, and a 6.5% drop in goods exports. The print is the most-watched-domestic macro release of the week and locks in the trade-account-deterioration tape that the Banco de Portugal March credit-and-deposits print, the CFP public-debt update and the IMF Article IV close-out had all flagged as the consensus risk into the second quarter — and runs in tandem with the Informa D&B Q1 insolvency curve at +7.8% as the dominant downside read on the corporate-flow tape. Bosch Portugal's 2025 results, also published this morning, closed the year at €2.2 billion in sales, down 2.6% on the Ovar divestiture and a softer European auto-demand tape; the Aveiro heat-pumps line carried double-digit growth and the group books €85 million of new investment through 2026 across the Braga and Aveiro plants. The Bosch print reads as a marginal positive across the Portuguese industrial-production curve and the European auto-supplier base, but the underlying revenue softness and the explicit auto-demand commentary frame the INE April industrial-production release scheduled into the second half of next week as the live read on whether the trade-deficit widening extends into a sequential print.

Outlook: Monday Reopens at 9,067 With Pump-Price Mechanics Loaded, IGCP €1.5 Billion OT Auction on 13 May, BdP April Credit Print and INE April IP Round Out the Mid-May Macro Cadence

Outlook: Monday 11 May 2026 reopens at the 9,067.26 Friday close with three discrete inputs loaded into the bell — the weekend Iran-MOU response window tape running through the cross-market positioning and the energy complex; the Portaria 213-A/2026 mechanically lifting pump-prices on the diesel and gasoline curve as the ISP discount is cut by 1.47 cêntimos on diesel and 0.21 cêntimos on gasoline; and the 9,000 PSI line as the proximate downside test if the EDP-led energy-utilities rotation extends into a fourth session. The IGCP €1.5 billion OT auction on Wednesday 13 May is the live primary-market test for the 4-year October 2030 line and the 10-year June 2036 tap, and the cross-market is now sized for a sharply hawkish June ECB meeting on the 75%-plus rate-hike probability baked into the EUR/USD 1.1774 tape — a clean re-anchoring of the consensus path that should keep the Portugal 10-year sub-3.50% band into the auction window. The Lisbon macro calendar runs the Banco de Portugal April credit-and-deposits print mid-month — the most-watched-domestic print after the March release that booked €4.057 billion in household lending, the first print above €4 billion in the BdP series since 2007 — and the INE April industrial-production release scheduled into the second half of next week, with the post-Q1-trade-balance widening tape and the 2026 GDP Q1 print due late next week the next leg of the macro-data cadence. On the corporate-flow side, the Sonae SGPS Q1 release, the Mota-Engil Q1 print and the Semapa consolidated read are the proximate single-name catalysts into the second half of May, with the EDP analyst-day round closed out and the BCP AGM dividend-and-buyback execution running through the May settlement window.