Around 09:35 in Lisbon, the PSI maintained its opening trend, advancing 0.25% to 7,692.94 points, with seven stocks rising, seven falling, and one unchanged (Ibersol at 9.72 euros).
Galp announced today a profit of 565 million euros up to June, a decrease of 9% compared to the same period, impacted by concentrated maintenance stoppages in the first quarter.
In the second quarter of the year, Galp’s adjusted net profit rose 25% to 373 million euros, “supported by increased oil and natural gas production in Brazil and strong performance in trading activities in the international markets.”
Following improvements in the second quarter, Galp revised upwards its oil and gas production estimate for the year, to between 105,000 and 110,000 barrels per day, and its EBITDA to 2.7 billion euros.
The shares of Galp were followed by EDP, Sonae, and Navigator, which advanced 0.80% to 3.78 euros, 0.78% to 1.29 euros, and 0.62% to 3.24 euros.
More modestly, the shares of EDP Renováveis, Semapa, and Corticeira Amorim increased by 0.60% to 10.07 euros, 0.46% to 17.44 euros, and 0.40% to 7.60 euros.
Conversely, shares of CTT, BCP, and Jerónimo Martins fell by 1.04% to 7.59 euros, 1.01% to 0.67 euros, and 0.63% to 22.12 euros.
The shares of REN, NOS, and Mota-Engil declined 0.16% to 3.17 euros, 0.13% to 3.82 euros, and 0.05% to 4.24 euros.
The main European stock markets opened lower today, focused on the European Central Bank (ECB) meeting this Thursday, where interest rates are expected to remain at 2%, as well as corporate results.
Investors are eagerly awaiting the ECB’s monetary policy meeting this week, which is expected to keep rates unchanged, with attention focused on whether the entity’s president, Christine Lagarde, will offer any hints on future steps.
Markets will also be watching the release of preliminary PMI estimates, which provide an overview of activity in the manufacturing and services sectors and may be affected by US President Donald Trump’s announcement of imposing 30% tariffs on imports from the eurozone to the US, although the impact is expected to be limited.
Germany’s GfK consumer confidence index will also be released this Thursday, while the Ifo economic confidence index will be published on Friday, along with consumer and business confidence data for Italy and France.
Meanwhile, today, German Chancellor Friedrich Merz meets with business leaders from companies such as Deutsche Bank and Siemens, who launched the “Made for Germany” initiative to invest millions in modernizing facilities and developing new products to revive the German economy.
Wall Street futures advanced with moderate gains of about 0.25%, following a mixed close for the Wall Street stock exchange on Friday.
Brent crude oil, Europe’s benchmark, for September delivery, is down to 69.17 dollars, compared to 69.28 dollars on Friday.
Gold per troy ounce, a safe-haven asset, rose to 3,366.50 dollars, against 3,349.94 dollars on Friday, and the current all-time high of 3,432.34 dollars on June 13.
The euro appreciated to 1.1617 dollars on the Frankfurt foreign exchange market, compared to 1.1626 dollars on Friday, and a new high since September 15, 2021, of 1.1789 dollars on July 2.
