Markets, Business & Tech Briefing — Wednesday, February 18, 2026

Markets & Finance

PSI-20 opens near 9,058 as Lisbon equities hold steady. The Euronext Lisbon benchmark index opened at approximately 9,058 points on Wednesday, trading within a narrow range that has characterised the market since mid-February. The index remains above its 100-day moving average of around 8,052, reflecting continued underlying strength in Portuguese equities despite broader European market caution over trade policy uncertainty.

EUR/USD holds at $1.185 as ECB rate pause extends. The euro traded at roughly $1.185 against the dollar on Wednesday, little changed since the European Central Bank held its key interest rate at 2.0% for a fifth consecutive meeting on February 5. Around 85% of economists surveyed by Reuters expect the ECB to leave rates unchanged for the remainder of 2026, with inflation projected to average 1.9% this year across the eurozone.

Portuguese property prices hit new records, national median at EUR 2,111/m2. Portugal's residential property market continues its upward march, with the national median price reaching EUR 2,111 per square metre in Q3 2025, the latest data available from the national statistics institute INE. District capitals across the country posted sharp gains, led by Santarem (up 27.1%), Beja (20%), and Setubal (17.2%), according to idealista. The sustained price growth is intensifying the affordability debate, particularly in Lisbon and Porto.

OECD praises Portugal's economic resilience, projects continued growth. The OECD's Economic Survey of Portugal published in January noted that the economy has been outpacing the euro area average since 2022, with declining unemployment and significant public debt reduction relative to GDP. Rising disbursements from the EU Recovery and Resilience Facility are expected to provide additional support through 2026, while the European Commission projects headline inflation easing further to 2% this year.

Business

US companies bullish on Portugal despite tariff headwinds. The latest PwC Barometer of American Companies in Portugal, presented at an AmCham Portugal event in Lisbon this month, found that managers of US firms operating in the country remain largely optimistic and expect increased business activity in 2026. However, respondents flagged concerns including US tariffs, rising operating costs, cybersecurity threats, and persistent bureaucratic red tape as challenges to navigate.

Portugal's economy enters 2026 on 22-quarter growth streak. The Francisco Manuel dos Santos Foundation's economic committee unanimously concluded that the Portuguese economy will continue expanding in 2026, extending an unbroken run of growth that dates back to 2020. Tourism-driven services remain a key engine, with the sector recording 10% job growth. Still, structural challenges persist: 23% of the workforce earns the minimum wage, and the gap between productivity and average salaries continues to concern policymakers.

Defence accelerator graduates 30 companies in Leiria. Startup Leiria's Defence Accelerator, Portugal's first programme dedicated exclusively to defence, security, and dual-use technologies, has graduated its inaugural cohort of 30 companies into the investment phase. The programme provided training, mentorship, and readiness support for NATO and EU defence funding opportunities, positioning Portugal as an emerging player in European defence-tech innovation.

Technology

Portugal launches EU's first Digital Business Wallet. Prime Minister Luis Montenegro unveiled the Digital Business Wallet in Porto on January 26, making Portugal the first EU member state to deploy the tool. The platform centralises official company documents in a single secure digital channel with legal validity, eliminating the need for multiple government portals and paper-based processes. Minister Goncalo Matias said the wallet aims to cut red tape and ease administrative burdens for cross-border businesses.

EU-Startups spotlights Portugal's next wave of innovation. A new EU-Startups report highlights 10 of the most promising Portuguese startups founded since 2023, pointing to growing momentum in AI, clean energy, and immigration tech. Notable names include Porto-based ADECI Group, which uses AI to forecast restaurant operations and raised EUR 500,000 in 2025, and Lisbon-based BM2Solar, which integrates battery storage with solar farms using AI-driven control software. Oeiras-based NextBorder is applying artificial intelligence to simplify visa and relocation processes.

Startup Portugal pushes founders to think global earlier. Startup Portugal, the government-backed agency supporting the entrepreneurial ecosystem, published a strategy brief in January urging Portuguese founders to target international markets from the outset rather than focusing solely on domestic growth. The agency continues to operate programmes including the Startup Visa, Tech Visa, and vouchers for digital product development, as Portugal's tech scene matures beyond its Web Summit-era reputation into a more substantive innovation hub.