Markets, Business & Tech Briefing: PSI Climbs 1.12%, EDP Family Leads, EIB Backs Galp Hydrogen

PSI Close: +1.12% at 9,157.33 as Lisbon Bucks European Softness on a Semiconductor-Led Risk Bid

The PSI (Portugal Stock Index) closed Thursday's session at 9,157.33 points, up 101.44 points or +1.12% on the day, snapping back through the upper end of the 9,090-9,170 band the benchmark has traded across the back half of June and pushing the year-to-date gain to roughly +23%. Lisbon outran a softer European tape, where core indices drifted, as a broad semiconductor-and-tech rally — sparked by stronger-than-expected earnings and forward projections from US memory-chip maker Micron Technology — flowed through to European cyclicals and the renewables complex. The bid was led from the open by the utilities-and-renewables sleeve and broadened through the session, with 14 of 16 PSI constituents finishing in positive territory and turnover running broadly in line with the 20-day average.

EDP Renováveis +2.63% and EDP +2.33% Anchor the Gainers as Sonae, Mota-Engil and Teixeira Duarte Join the Bid

The PSI movers board ran heavily one-sided to the upside on Thursday. EDP Renováveis (EDP Renewables), the listed renewables arm, led the heavyweights with a +2.63% close to €13.64, with parent EDP Energias de Portugal close behind at +2.33% to €4.486 as the EDP family carried the lion's share of the index's point gain. The construction-and-infrastructure bench joined the move, with Teixeira Duarte the single best performer at +2.91% to €0.5310 and Mota-Engil — the engineering group with the heaviest emerging-market beta on the index — up +1.79% to €4.774. Retail-and-conglomerate name Sonae advanced +1.98% to €2.0600. Galp Energia (Galp) was the conspicuous laggard among the heavyweights, closing essentially flat at +0.05% to €18.36 as the integrated-energy major tracked a softer crude tape (WTI near $69.54 and Brent near $73.11 a barrel). The two names on the wrong side of the board were BCP (Banco Comercial Português), off -0.44% to €1.0195 as the bank sleeve lagged the risk rally, and NOS, the telecoms operator, down -0.67% to €5.185.

Portuguese 10-Year OT Yield Eases to 3.24%, PT-Bund Spread Holds Tight Near 38 bps

The Portuguese 10-year OT (Obrigações do Tesouro — Treasury Bonds) yield eased about a basis point to 3.24% on Thursday, with the German 10-year Bund printing near 2.86%, leaving the PT-Bund spread tight at roughly 38 basis points — well inside the 50-basis-point envelope Lisbon traded across the spring and among the tightest closes of the quarter. The periphery bid held even as equities rallied, with European fixed-income desks carrying duration on a softer oil tape and an easing inflation premium. The compression extends the Iberian-periphery outperformance against the core that has framed the OT carry trade through the first half of 2026, with the Banco de Portugal's (Bank of Portugal) latest projections reinforcing a benign domestic-credit backdrop.

EUR/USD Firms to $1.1363 as Crude Slides and the Semiconductor Rally Sets the Risk Tone

EUR/USD traded $1.1363 at the European close, a marginal +0.04% session move that kept the single currency consolidating inside the $1.13-$1.14 band it has held since the early-June ECB (European Central Bank) meeting. The dominant cross-asset signal was the semiconductor rally rippling out of Micron Technology's earnings, which set a constructive global-risk tone, alongside a softer crude complex — WTI near $69.54 and Brent near $73.11 a barrel — as the geopolitical risk premium tied to the Middle East continued to bleed out of the oil tape. The lower energy print fed the easing euro-area inflation premium that underpinned the periphery bond bid, while leaving Galp Energia as the lone heavyweight unable to join the PSI rally.

European Investment Bank Commits €180 Million to Galp's Sines Green-Hydrogen Build as Alantra Lifts Its Target to €22.15

On the corporate tape, Galp Energia secured a €180 million loan from the EIB (European Investment Bank) — part of a wider €430 million financing package — to help fund a 100 MW electrolyser at its Sines refinery, the centrepiece of the company's large-scale green-hydrogen ambitions on the Atlantic coast. The financing lands as broker Alantra Equities raised its price target on the stock to €22.15 with a 'buy' recommendation, flagging upside of close to 19% from current levels after a roughly 30% year-to-date run for the oil major. The read-through is twofold: a concrete vote of confidence from Europe's policy lender in Portugal's flagship hydrogen project at Sines, and a sell-side signal that the market may be underpricing Galp's energy-transition optionality even on a session when the crude tape kept the shares pinned near flat.

Banco de Portugal's June Economic Bulletin Pencils Business Investment Up 1.8% as the Budget Math Tightens

The Banco de Portugal (Bank of Portugal) published its June Economic Bulletin (Boletim Económico), projecting business fixed-capital formation to grow 1.8% in 2026 — up from 1.4% in 2025 — supported by the execution of already-contracted investment and the priority handed to projects funded under the PRR (Plano de Recuperação e Resiliência — Recovery and Resilience Plan). The central bank sees moderate quarter-on-quarter GDP gains of around 0.4% running through 2026 and 2027. The cautionary note sits on the public accounts: the bulletin underscores that the government will need to run a surplus between May and December to hit its 2026 budget target, after the State accumulated a €1.548 billion deficit through April. The data frame the fiscal backdrop for the bond market's tight PT-Bund spread and for the corporate-investment pipeline feeding names like Mota-Engil and Teixeira Duarte.

Tomorrow's Outlook

Friday opens with global semiconductor sentiment and the crude tape as the dominant cross-asset reads after Thursday's Micron-led risk rally — watch whether the EDP family and the renewables sleeve can hold their gains and whether Galp Energia catches a bid on any crude stabilisation or follow-through from the Sines hydrogen financing. On the domestic tape, BCP and NOS will be in focus for a bounce after lagging the rally, while the OT 10-year near 3.24% and EUR/USD at $1.1363 anchor a carry framework that stays comfortable so long as the PT-Bund spread holds inside 40 basis points. The Banco de Portugal's June projections and the second-half fiscal trajectory remain the next directional signals for the periphery bond desk.

Read the full story →