PSI-20 closes higher with the help of BCP, which appreciated more than 3%

BCP was the star of the session by rising more than 3%. But the fall of EDP, after news that the company itself should be constituted accused in the process of excessive rents, halted the rise of the PSI-20 which closed higher, but below the main markets in Europe.

The PSI-20 closed up + 0,18% to 4.472,83 points, helped by the + 3,14% rise in BCP to 0,1084 euros. In the climbs, Jerónimo Martins also stood out with a gain of 1,25% to 15,42 euros. Sonae increased 1,48% to 0,6535 euros.

Stopping the index's rise, which closed below the rises of European counterparts, was EDP, which lost -2,65% to 4,42 euros. The news that the Public Prosecutor's Office is preparing to defend EDP itself, in the case of excessive rents, dictated a 2% drop in the electric company's shares. In turn, EDPR fell 0,29% to 13,70 euros.

Galp rose 0,43% to 10,70 euros on a day when it announced that sales of petroleum products fell 45% in the second quarter of the year compared to the same period last year, according to a company statement sent to CMVM.

Optimism marked European session, Tesla adds and follows on Wall Street

Millennium BCP analyst Ramiro Loureiro points out that European markets closed the last session up before the start of the official earnings season in the USA, regarding the 2nd quarter accounts, with the dissemination of banking results scheduled for tomorrow.
Most of the major indexes ended up gaining more than 1%.

"The PSI20 was weaker, conditioned by the fall of EDP in the face of press releases that the company itself should be constituted an defendant in the excessive rents process", says Ramiro Loureiro, an analyst at BCP.

EuroStoxx 50 rises 1,63% to 3.350 points; the London FTSE gains 1,33% to 6.176,2 points; CAC advanced 1,66% to 3.898,7 points; the DAX appreciated 1,32% to 12.799,9 points; the FTSE MIB in Milan closed with gains of 1,19% to 20.003 points and the IBEX rose 1,45% to 7.426,9 points.

The Netherlands, on the other hand, sees the index rise 1,46%.

“Despite the fact that the USA recorded a record number of infected daily (above 70 thousand) last Friday and notes that Catalonia decided to impose a partial lock down due to the evolution of the pandemic, the feeling has been of optimism, a sign that investors are hoping that the vaccine to fight the virus may arrive sooner than originally planned, after Pfizer Inc. and BioNTech received regulatory permission on US soil to speed up two vaccine candidates, "he explains. the BCP analyst.

At the close of Europe, optimism was also felt on Wall Street, where Tesla continues to stand out, advancing almost 14% to new highs ever.

The price of oil fell throughout the session on both sides of the Atlantic, following the possibility that OPEC + might ease the cut in oil production agreed in April, starting in August.

Brent in London reversed the fall and recorded a 0,05% rise to $ 43,26.

Oil is again under pressure on international markets, at a time when a group of oil-producing countries, including Saudi Arabia, are trying to get the Organization of Petroleum Exporting Countries (OPEC) and allies to increase the production of raw materials to from August.

This after having revealed, over the weekend, the possibility that the OPEC + group - which including allied countries led by Russia - might ease the current cut in production, from the 9,2 million barrels per day agreed in April, to a cut only 7,7 million barrels per day, that is, two million more barrels that could be produced by the group.

According to The Wall Street Journal, OPEC countries and allies will return to the negotiating table this Wednesday, where an increase in oil production and the evolution of demand should be analyzed. After confinement has led to a significant drop in consumption of petroleum products, it is now recovering.

The euro is up 0,56% to $ 1,1363.

German 10-year public debt is rising +5,06 basis points to -0,42%. Portuguese debt also worsens in secondary markets +3,17 basis points to 0,45%. Equally higher (+2,96 basis points) has the Spanish debt with the yield worsening to 0,44%.

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