Markets, Business & Tech Briefing — Friday, 3 April 2026
Today's briefing: PSI Closes Best Week in Five Years at 9,369 Points, Galp Surges Nearly 4% on Oil Price Spike, European Markets Shaken Then Steadied by Hormuz Diplomacy, and 8 more.
📋 In This Edition
- PSI Closes Best Week in Five Years at 9,369 Points
- Galp Surges Nearly 4% on Oil Price Spike
- European Markets Shaken Then Steadied by Hormuz Diplomacy
- Liberation Day Anniversary: One Year of Tariffs
- Housing Loans Hit Record 112.4 Billion Euros
- Euribor: 12-Month Rate Surges to 2.93%, Highest Since September 2024
- TAP Privatization: Two-Horse Race Confirmed
- Portugal's Tourism Bookings Up 13.9% for Easter
- Southern EU Bloc Pushes to Cap Energy Bills
- Portuguese Term Deposits: Rates Rise for First Time Since October 2025
- Cybersecurity Law in Force Today: 4,000+ Companies Affected
Good Friday edition. Portuguese markets closed for the holiday. European and US markets mixed overnight.
PSI Closes Best Week in Five Years at 9,369 Points. Portugal's benchmark index gained 5.49% over four trading sessions this week before closing for Good Friday — the strongest weekly performance since January 2021. The rally recovered all losses from the March sell-off triggered by the Iran conflict. Eight of 16 PSI constituents finished Thursday in positive territory. (ECO, Jornal de Negocios)
Galp Surges Nearly 4% on Oil Price Spike. Portugal's largest energy company closed at 21.14 euros on Thursday, up 3.9%, as Brent crude jumped following Trump's overnight speech threatening further military action against Iran. Galp has been the PSI's top performer since the conflict began, benefiting from oil above $100/barrel. (Jornal de Negocios)
European Markets Shaken Then Steadied by Hormuz Diplomacy. Frankfurt, Paris, and Madrid opened sharply lower Thursday after Trump's combative speech but recovered to close with modest losses after reports emerged that Iran and Oman are negotiating a shipping protocol for the Strait of Hormuz. The potential partial reopening would ease Europe's energy supply crunch. (Reuters)
Liberation Day Anniversary: One Year of Tariffs. April 2 marked one year since Trump's "Liberation Day" tariffs, which imposed a minimum 10% import duty on most foreign goods entering the US. The average effective US tariff rate has risen from 2.5% to roughly 10%. US-China direct trade plunged 30% in 2025. For Portugal, the EU-wide 10% tariff reshaped export patterns, particularly in wine, footwear, and auto components. (BBC, Tax Foundation, Guardian)
Housing Loans Hit Record 112.4 Billion Euros. Bank of Portugal data shows outstanding mortgage debt grew 10.4% year-on-year to February — the fastest pace since 2006. The government's youth guarantee line has boosted lending, but rising Euribor rates now threaten to increase costs for new borrowers who took on larger-than-average loans. (Bank of Portugal, Euronews)
Euribor: 12-Month Rate Surges to 2.93%, Highest Since September 2024. The key mortgage benchmark has risen more than 20% from pre-war levels in daily terms. Six-month Euribor, used in most Portuguese contracts, is above 2.5%. The ECB held rates at 2% on 19 March but may be forced to hike if the conflict persists. Borrowers reviewing in April face immediate payment increases. (Euronews, DECO PROteste)
TAP Privatization: Two-Horse Race Confirmed. With IAG out, Lufthansa and Air France-KLM are the sole bidders for TAP's 44.9% stake. Both submitted non-binding offers by Wednesday's deadline. The binding-offer phase is expected later this year. Jet fuel costs, up sharply since the Hormuz closure, complicate the economics of any deal. (Reuters, Aerotime)
Portugal's Tourism Bookings Up 13.9% for Easter. Hotel occupancy in Lisbon and the Algarve has topped 80% for the long weekend, with Portugal positioned as a "safe haven" destination amid global instability. The Bank of Portugal's revised GDP forecast of 1.8% for 2026 (down from 2.3%) reflects broader cooling, but tourism remains a bright spot. (Travel industry data)
Southern EU Bloc Pushes to Cap Energy Bills. Portugal has joined Spain, Italy, Greece, Austria, Croatia, Hungary, and Cyprus in pushing for EU-level action to reduce energy costs for consumers and businesses. The coalition is focused on protecting tourism-dependent economies from the oil and gas price spikes triggered by the Middle East conflict. (Euronews)
Portuguese Term Deposits: Rates Rise for First Time Since October 2025. Banks have begun offering marginally higher deposit rates as the Euribor reversal feeds through into funding costs. While still modest, the uptick marks a shift from the prolonged decline that followed the ECB's rate-cutting cycle. Savers with expiring deposits may find slightly better terms in April. (Bank of Portugal)
Cybersecurity Law in Force Today: 4,000+ Companies Affected. Portugal's NIS2 transposition takes effect 3 April, imposing stricter incident reporting, risk management, and governance requirements on companies in critical sectors. Penalties reach 10 million euros. The tech sector, including Portugal's growing startup ecosystem, faces compliance costs but also new market opportunities in cybersecurity services. (Diario da Republica)
