Markets, Business & Tech Briefing: S&P Outlook Lifts Sentiment, Wall Street Stumbles

S&P Outlook Upgrade Boosts Portuguese Debt Outlook

S&P's decision to raise Portugal's credit outlook to positive — with the A+ rating maintained — is expected to further tighten spreads on Portuguese government bonds. A potential upgrade to AA- territory would place Portugal among the highest-rated southern European sovereigns.

Wall Street Closes February in the Red

US markets ended February with losses, extending a volatile month. The sell-off contrasted with Netflix, which surged more than 13% on the day. European markets had a more stable session, with the PSI-20 benefiting from banking sector gains.

BCP Jumps 3.5%, Leads PSI-20 Gains

Banco Comercial Portugues rose 3.51% in Friday trading, leading the Lisbon index. EDP gained 2.73% and EDP Renovaveis added 1.67%. Galp edged up 0.36%, while Jeronimo Martins gained 0.82% and NOS added 0.78%.

Euro Reclaims $1.18 Level

The euro strengthened against the dollar, returning above the 1.18 mark. The move reflects continued divergence in monetary policy expectations between the ECB and the Federal Reserve, with European rate cuts increasingly priced in for later in 2026.

Brent Crude Hits One-Year High

Oil prices reached their highest level in a year, driven by supply concerns and geopolitical tensions. The move has implications for Portugal's energy costs and could feed through to transport and heating prices in the coming months.

Semapa Profits Slashed 33% by Paper Sector

Semapa reported that weakness in its paper division dragged annual profits down by 33%. The results still include contributions from cement subsidiary Secil, which was sold to Spain's Cementos Molins for 1.4 billion euros. The board proposed maintaining the dividend at 0.626 euros per share.

Salgado Legal Team Pivots Strategy

Lawyers for Ricardo Salgado, the former BES chairman, dropped their constitutional court appeal to accelerate a bid for sentence suspension under Article 106 of the Penal Code. The case remains one of the longest-running financial scandals in Portuguese history.

New Algarve Luxury Development Announced

A new high-end residential project in the Algarve will be marketed exclusively by Piquet Realty. The announcement follows continued strong demand for premium properties in southern Portugal, driven by international buyers seeking lifestyle investments and Golden Visa alternatives.

IFICI Tax Regime Draws International Interest

Portugal's IFICI programme — the successor to the Non-Habitual Resident tax regime — continues to attract attention from internationally mobile professionals. The 10-year incentive offers exemptions on most foreign-source income for qualified professionals in strategic sectors, though its scope is narrower than the former NHR.

Portugal Residency Events Tour US Cities

Residency and investment events targeting potential Portugal relocators are heading to Denver, Philadelphia and Boston, reflecting sustained American interest in Portuguese residency programmes. The events typically cover visa options, tax planning and property investment.