Markets, Business & Tech Briefing: PSI Braces for a Ten-Report Earnings Week, EDP Exits Italian Renewables, Angola's Investment Overtakes

The Euronext Lisbon exchange is closed for the weekend, so there is no trading session to report. This Sunday edition recaps where the week ended and looks ahead to a packed stretch of corporate earnings.

Where the Week Left Off

The PSI (the benchmark index of the Euronext Lisbon exchange) signed off a losing week on Friday, closing at 9,215.11 points, down 0.40% on the day and shy of its 52-week high near 9,516. Softer second-quarter earnings from a handful of heavyweights — most visibly Galp Energia, the integrated oil-and-gas group, and food retailer Jerónimo Martins — set the tone for the week and left the index in the red.

Bonds and currencies were quieter. Portugal's 10-year government bond yield held near 3.3%, keeping the risk premium over 10-year German Bunds at roughly 60 basis points — a tight spread that shows investors still treat Portuguese debt as core rather than peripheral. The euro was little changed over the weekend at about $1.137 against the US dollar, with foreign-exchange desks also shut until Monday.

Ten Earnings Reports in Five Days

The real action starts Monday. Roughly ten of the 16 companies in the PSI are scheduled to publish second-quarter accounts between 27 and 31 July, turning the coming week into the busiest stretch of the earnings season. The marquee report comes on Tuesday, when BCP (Banco Comercial Português, Portugal's largest listed bank) is pencilled in to update investors on how falling interest rates are squeezing its net interest income — the gap between what it earns on loans and pays on deposits.

Others due through the week include electricity utility EDP (Energias de Portugal) and its renewables arm EDP Renováveis (EDP Renewables), retail-and-industrial group Sonae, paper-and-cement holding Semapa, cork maker Corticeira Amorim, postal operator CTT (Correios de Portugal) and grid operator REN (Redes Energéticas Nacionais). Construction group Mota-Engil and Teixeira Duarte have pushed their results into late August, and restaurant-and-leisure group Ibersol closes the season on 14 September.

Expectations are guarded. Pedro Barata, an analyst at GNB Gestão de Ativos (a Portuguese asset manager), has warned that this will be "a more challenging quarter for most companies," with "less room for positive surprises." The Middle East conflict and disruptions around the Strait of Hormuz have kept crude prices elevated — a tailwind for Galp's refining margins but a cost headwind for the industrial names — so results merely in line with forecasts may not be enough to hold up valuations that have run hard this year.

EDP Completes Its Italian Renewables Exit

EDP (Energias de Portugal) has closed the sale of a wind and solar portfolio in southern Italy for about €150 million, completing a deal first signed at the end of June. The assets — five operating projects totalling 68 megawatts across the regions of Puglia, Basilicata and Campania — pass to Italian operator PLT Energia.

The disposal fits EDP's "asset rotation" strategy, under which the group sells mature, built-out projects to recycle capital into new development and keep debt in check. For a stock that has been one of the index's steadier performers, the transaction is a reminder that management is still trimming the portfolio at the edges even as it builds out renewables at home and in the United States.

Angola's Money Now Flows the Other Way

A striking reversal in one of Portugal's oldest economic relationships surfaced in fresh figures from the Banco de Portugal (Bank of Portugal, the central bank). The stock of Angolan direct investment in Portugal reached €4,525.7 million at the end of 2025 — up 50.9% in a single year and 152% since 2021. Portuguese investment in Angola, by contrast, slipped 9.7% to €2,410.4 million.

The upshot: a balance that favoured Portugal by €725 million in 2021 has swung to a €2,115 million deficit, meaning Angolan capital now dwarfs the flow in the opposite direction. Much of the Angolan money has gone into Portuguese real estate, banking and energy stakes, underlining how the former colony has become a significant source of inward investment rather than merely a destination for Portuguese firms.

The Week Ahead

Monday reopens with Galp and Jerónimo Martins already digested, so attention turns squarely to BCP's Tuesday numbers and the run of results that follows — with the direction of the whole index likely to hinge on whether the banks and utilities can beat a market that has priced in very little disappointment.