Tuesday, 28 August 2007

Euronext Lisbon: one step forward, two steps backwards

Euronext’s PSI 20 index closed loosing 1,17%.

The day ended, again with a very low level of transaction, but this time with some more external influence determining the worse performance since the mini-crash – if I correctly recall. Only two stocks in the green, BPI and Soares da Costa, the rest registered losses, especially Mota-Engil (-4,14%), Altri, Impresa and Semapa, all plunging more than 3%.

By the way the ball is pointed it doesn’t look straight in the fair way!!

The news on the possible stall in the ECB rise of interest rates seamed quite insufficient to boost a little bit the European markets (even thou Euribor is actually falling today). Not even the announcement by BNP Paribas of the end of the suspension of its investment funds (on the 30th of August) did the trick.

The theoretical lower risk of the European Banks is hardly seen in the stock exchange evolution when compared with the US stock markets. All seem very similar.

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