Markets, Business & Tech Briefing: PSI Bucks European Trend, Oil Shock Deepens, and Portugal's Startup Ecosystem Attracts FT Attention

PSI Closes Higher as European Markets Fall

Lisbon's PSI index defied the broader European selloff on Wednesday, closing up 0.58% at 9,076.37 points. Mota-Engil led the charge with a gain of more than 4%. The index had earlier traded as high as 1.65% up before trimming gains in afternoon trading as oil price volatility intensified.

Brent Crude Surges Past $92

Oil prices gained nearly 5% on Wednesday despite the IEA's announcement of a record 400-million-barrel reserve release. Brent crude for May delivery topped $92 per barrel as attacks on shipping in the Strait of Hormuz — through which 20% of global petroleum transits — intensified supply disruption fears. Analysts warned the reserve release may be insufficient to counter sustained supply-route uncertainty.

EUR/USD Holds at 1.155

The euro traded at $1.155 against the US dollar in early Thursday trading, maintaining recent strength as markets price in the geopolitical risk premium. The pair has been volatile amid Middle East tensions and diverging central bank signals from the ECB and Federal Reserve.

Fitch Forecasts 0.8% Deficit, Maintains Positive Outlook

Fitch analyst Utku Bora projected a budget deficit of 0.8% of GDP for Portugal in 2026, citing storm-related spending and fuel tax relief. However, the agency maintained its recently upgraded "A Positive" outlook, noting Portugal achieved surpluses in 2023 and 2024 and that successive governments have "maintained fiscal prudence." Higher PRR loan utilization was flagged as adding further pressure.

Fuel Prices: Government May Increase ISP Discount

The government's ISP tax discount of EUR 0.0355 per liter on diesel could be increased if prices continue rising, with the Energy Minister noting the measures are cumulative. Portugal currently pays nearly EUR 0.25 per liter more than Spain for fuel. No equivalent ISP discount has been applied to petrol.

Portugal's Startup Ecosystem Profiled by Financial Times

The Financial Times profiled Portugal's growing startup ecosystem this week, highlighting Lisbon's Unicorn Factory — the municipal initiative that has grown five-fold since its 2022 launch, with separate hubs for AI, blockchain, gaming, health, and green tech. Porto was also featured, with over 50 coworking spaces and accelerators supporting the city's emerging tech scene. The Digital Nomad Visa continues to attract international talent.

Portuguese-Speaking Unicorns on the Rise

A new analysis by We Are Innovation mapped the growing roster of unicorn companies from Portuguese-speaking countries, highlighting the "quiet building" of billion-dollar ventures outside Silicon Valley. Portuguese fintech and tech startups are increasingly competitive for international venture capital.

Dacia Bigster Wins Car of the Year

The Dacia Bigster, manufactured by the Renault Group brand, swept Portugal's Car of the Year awards, winning the overall Volante de Cristal trophy plus SUV of the Year and the Technology and Innovation Prize. The affordable SUV's dominance reflects a market increasingly focused on value.

Portugal World Cup Base Camp: Palm Beach Gardens

Portugal has confirmed Palm Beach Gardens, Florida, as its base camp for the 2026 World Cup. The squad's group stage matches are in Houston and Miami, with the Colombia fixture having drawn over 30 million ticket requests. A March 31 friendly against the USA in Atlanta provides the next competitive outing.

Toyota Tests Next WRC Car on Portuguese Roads

Toyota's Gazoo Racing division has been spotted testing a prototype coupe for the World Rally Championship on Portuguese roads, according to Observador. Portugal's varied terrain — from smooth tarmac to rough gravel — makes it a regular choice for WRC development testing ahead of the Rally de Portugal.

Construction Visa Quota Doubles for 2026

Portugal has doubled its construction sector visa allocation for 2026, fast-tracking foreign workers to address chronic labour shortages. Contracts must guarantee at least the national minimum wage of EUR 820 per month, housing arrangements, and on-the-job training leading to formal certifications. The expansion reflects continued demand for construction workers amid housing development.