Wednesday, 5 September 2007

The fear of a nearby recession?

What if real economy is already signalling that it has been harmed by the financial crisis?

The latest results from de European, and mainly from the North American economy seamed to provide reasonable doubt to the markets today and the result is at sight: significant fall in all major stock exchanges.

Euronext Lisbon was no exception. The session ended with a -0,52% decrease on PSI 20 index which was quite mild compared with IBEX 35 (-2,40%), CAC40 (-2,14%), Eurostoxx50 (-2,06%) or Dax Xetra (-1,73%).

Seventeen out of 20 companies from PSI 20 lost value today, with Altri, Cimpor and Semapa leading the losses, all above 2%. Only BCP (+0,87%) and BES (+0,16%) balanced the generalize tendency. In fact, BCP’s behaviour (and its weight in PSI 20 index) largely justifies the not so bad global result of the Portuguese index.

What’s next? Tomorrow is ECB meeting day…

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