Markets, Business & Tech Briefing — Tuesday, March 31, 2026
In today's briefing: • PSI-20 Surges 2.11% on Energy Rally • EUR/USD Holds Steady Near 1.08 • Oil Prices Above $100 Despite Volatility • Agriculture Funding Secured Through 2034 • Government Admits Deficit Risk, Rules Out Revised Budget • Food Prices Hit All-Time High • Gas Cylinder Prices to Ris...
📋 In This Edition
- PSI-20 Surges 2.11% on Energy Rally
- EUR/USD Holds Steady Near 1.08
- Oil Prices Above $100 Despite Volatility
- Agriculture Funding Secured Through 2034
- Government Admits Deficit Risk, Rules Out Revised Budget
- Food Prices Hit All-Time High
- Gas Cylinder Prices to Rise Up to €15 in April
- Startup World Cup Portugal Accepting Applications
- BIO-Europe Spring Comes to Lisbon
- Portugal Positions as Tech Talent Hub
- Storm Damage Drives Construction Demand
- Miranda Sarmento Maintains 0.1% Surplus Target — For Now
Markets
PSI-20 Surges 2.11% on Energy Rally. The Portuguese benchmark closed Monday at 9,069.55, led by EDP Renováveis (+3.9%), EDP (+3.45%), Sonae (+3.12%), and Galp Energia (+2.93%). Banco Comercial Português logged the highest trading volume at 39.1 million shares. The index has gained 30.78% year-on-year despite a volatile March marked by Middle East tensions.
EUR/USD Holds Steady Near 1.08. The euro traded around $1.08 against the dollar on Monday as markets assessed the European Central Bank's inflation outlook and ongoing geopolitical risks. The dollar index remains elevated amid safe-haven demand.
Oil Prices Above $100 Despite Volatility. Brent crude remains above $100 per barrel following the late-February US-Israel strike on Iran, though prices eased slightly from mid-March highs. European natural gas futures held near €51/MWh, double December 2025 levels.
Business & Economy
Agriculture Funding Secured Through 2034. Portugal will receive at least €9.9 billion in EU agricultural support from 2028-2034, Agriculture Minister José Manuel Fernandes confirmed, with potential to rise to €12.3 billion if additional budget revisions pass. The guarantee comes as broader cohesion funding faces a 12-15% cut under the next EU budget framework.
Government Admits Deficit Risk, Rules Out Revised Budget. Finance Minister Joaquim Miranda Sarmento acknowledged that Portugal may post a small deficit in 2026 due to storm recovery costs and energy subsidies, but ruled out a supplementary budget for now. He said the 2025 surplus of 0.7% provides some fiscal cushion.
Food Prices Hit All-Time High. DECO Proteste's monitored grocery basket reached a record cost in March, €12.57 more expensive than in January and €66.70 higher than four years ago. Consumer groups and agricultural associations have called for government intervention to ease cost-of-living pressures.
Gas Cylinder Prices to Rise Up to €15 in April. ANAREC, the retail energy association, warned that bottled gas prices will see a sharp increase next month, reflecting global energy market turmoil following the Iran conflict.
Tech & Startups
Startup World Cup Portugal Accepting Applications. Portuguese high-growth startups can now apply for the 2026 edition of Startup World Cup Portugal, the national qualifier for the global competition. The winner receives funding support and advances to the San Francisco finals to pitch for $1 million in investment.
BIO-Europe Spring Comes to Lisbon. Lisbon will host BIO-Europe Spring 2026, one of Europe's premier life sciences partnering conferences, bringing together biotech startups, pharmaceutical executives, and venture capitalists. The event is seen as a strategic opportunity for Portugal to attract life sciences investment and showcase its growing biotech ecosystem.
Portugal Positions as Tech Talent Hub. A new analysis highlights Portugal's emerging role in Europe's global talent race, driven by the Startup Visa programme, the Global Talent Programme for researchers and engineers, and growing interest from international tech companies seeking lower-cost, high-skill European bases.
Property & Real Estate
Storm Damage Drives Construction Demand. The government has earmarked additional funds for rebuilding homes, farms, and infrastructure damaged by Storm Kristin and February flooding, with 68 municipalities in the Central region prioritised. The reconstruction push is expected to boost construction sector activity in Q2.
Regulation & Policy
Miranda Sarmento Maintains 0.1% Surplus Target — For Now. The Finance Minister told reporters that Portugal's Stability Programme submitted to Brussels maintains the 0.1% surplus target for 2026, though he admitted this may no longer be achievable. A revised forecast will be submitted to the European Commission by end-April.
