The main Portuguese stock index (PSI 20) kicked off the session this Tuesday to add 0,04%, to 4.34,47, in line with the main European markets.
Despite the number of deaths by Covid-19 already exceeding 500 thousand and the number of confirmed cases the threshold of ten million worldwide, which leads the World Health Organization to not signal optimism, investors do not reveal this Tuesday fears about a second wave of the new coronavirus outbreak.
Contributing to the negotiations on positive ground is the economic data on the indicator for industrial and tertiary activity in China, which shows improvements. China's official services PMI rose to 54,4 points in June, from 53,6 points in May, a seven-month high, driven by a recovery in the services industry. PMI Indústria increased from 50,6 to 50,9, higher than estimated by analysts, according to Millennium BCP's MTrader, Ramiro Loureiro.
In Japan, industrial production worsened the pace of contraction in May. The country recorded a year-on-year decline of 25,9% in May, after contracting 15% in April. In sequential terms, there was a contraction of 8,4%, a drop greater than the estimated 5,9%, according to Ramiro Loureiro.
In addition, the appreciation felt in the main Asian markets, despite a new episode in the difficult relationship between China and the United States. The U.S. Department of Commerce announced on Monday that it will suspend regulations that give Hong Kong special treatment with regard to exceptions to export licenses. In response, the Chinese congress passed the national security law in Hong Kong, which may cause further tensions with the United States.
In Europe, investors today have information that the British economy will have contracted more than expected in the first quarter. The final figure showed that the gross domestic product (GDP) contracted 2,2% in the period between January and March, compared to the last three months of 2019, when an economic contraction of 2% had previously been reported. One of the factors of the fall was the “strong drop in exports (-13,5%), according to Loureiro.
On the Portuguese stock exchange, the securities of Pharol and Sonae Capital account for more than 2% and are the ones that best negotiate on PSI 20. But it stands out among the heavyweights of the national market, the oil company Galp Energia, which adds 0,34%, 10,46 euros.