Markets, Business & Tech Briefing: PSI Rebounds, Jerónimo Martins Leads, Galp Eyes Spanish Wind
Tuesday, 7 July 2026. Lisbon steadied and edged higher, clawing back a slice of Monday's setback as a broadly firmer Europe lent support. The standout was the market's recent laggard: grocer Jerónimo Martins, pinned for weeks near its 52-week lows, led the blue chips with its sharpest bounce in a while, while the energy names and the banks added modest gains. Below: the session's shape and who drove it, why Portuguese debt still funds near its cheapest levels in years even as yields tick up, and the two business stories worth watching — Galp's pursuit of a Spanish wind portfolio and fresh evidence that corporate Portugal is turning a healthier profit.
Where the market stands
Portugal's benchmark PSI closed Tuesday at around 9,249 points, up roughly 0.35%, or about 32 points, recovering part of Monday's 1.19% drop and tracking a firmer tone across European bourses. The index remains within reach of the one-month high of 9,328.28 it brushed on Friday, and it is now up about 3.6% over the past month and close to 20% over the past year. The leadership was notable for its rotation: after leading both last week's rally and Monday's reversal, the energy complex played a supporting role today, with the EDP parent and Galp each up modestly, under 1%. The session's clear winner was grocer Jerónimo Martins, which jumped around 3.5% to about €16.9 — a conspicuous rebound for a stock that had been the index's worst performer, dragged near its lows by price deflation at its Polish discounter Biedronka (Ladybird). Lender BCP — Banco Comercial Português (Portuguese Commercial Bank) extended its run with a further small gain, keeping the banks among the year's standout performers.
Bonds tick up but stay tight, the euro firms
In fixed income, the Portuguese 10-year yield rose about 4 basis points to roughly 3.38%, edging higher in step with euro-area peers. With the German 10-year Bund in the region of 2.9%–3.0%, the spread held near 40 basis points — still one of the tightest readings in years and a continuing endorsement of Portugal's public finances, which now fund near the cheapest levels on the euro-zone periphery. In currencies, EUR/USD firmed to around 1.1440, up from about 1.1424 the day before, as the dollar softened again following last week's weak US jobs data. A compressed bond spread and a still-firm euro remain a supportive macro backdrop, giving equities room to rebuild after Monday's dip.
Business: Galp joins the race for a Spanish wind portfolio
Energy group Galp is among the bidders for a portfolio of Spanish wind assets being sold by Acciona, according to Spanish press reports. The package — known internally as Project Sirocco — bundles wind farms with roughly 361 megawatts of installed capacity, almost all already operating, a profile that supports a valuation close to €400 million. BNP Paribas is advising on the sale, with binding offers sought by the end of last week. Galp is up against a competitive field that includes Opdenergy, Nadara, Naturgy, Qualitas Energy and China's China Three Gorges — the latter also the largest shareholder in Portuguese rival EDP. A deal would deepen Galp's renewables build-out on the Iberian grid, where it has been steadily adding wind capacity, and extend a run of Spanish acquisitions as the company reshapes itself around cleaner generation. No preferred bidder has been confirmed, and Galp has not commented publicly on the process.
Business: corporate Portugal turns a healthier profit
Away from the tape, fresh balance-sheet data pointed to a strengthening corporate sector: the profitability of Portuguese companies rose about 9.5% in the first quarter, alongside simultaneous improvements in financial autonomy and lower financing costs, according to figures drawn from Banco de Portugal (Bank of Portugal) data. The most profitable companies remain the familiar heavyweights — lender BCP tops the list, ahead of energy groups EDP and Galp — underlining how the banks and utilities that anchor the PSI are also carrying the earnings load for the wider economy. The read-across for investors is constructive: falling financing costs and healthier capital structures are exactly the conditions that have kept Portuguese blue chips, and the banks in particular, outperforming through the first half of the year.
The week ahead
With Monday's pullback partly repaired, the question is whether the rebound has legs or simply steadies the index below Friday's one-month high. Watch whether Jerónimo Martins can build on today's bounce or fades back toward its lows, whether the EDP family and Galp reassert leadership, and whether BCP and the banks keep grinding higher as deposit competition intensifies. Any headline on Galp's Spanish wind bid, or on the binding-offer stretch of the TAP Air Portugal privatisation due at month-end, is the item most likely to move domestic sentiment; a still-tight bond spread and a firm euro should keep the macro backdrop steady while equity sentiment tracks the wider European mood.
