PSI falls in line with major European markets with EDPR leading losses

It's a Monday of correction that's being experienced on European stock markets, after a Friday of optimism, motivated by the speech of Jerome Powell, chairman of the Fed, leaving the door open to lowering interest rates in the US as early as September, reveals Millennium Investment Banking (MTrader) in its analysis.

"The utilities sector is one of the most affected, after the Trump administration halted construction on an offshore wind farm belonging to Orsted, with the environment affecting Portuguese companies EDPR and EDP," the analysts explain.

In Portugal, the PSI is currently falling -0.87% to 7,911.1 points (12 p.m.). EDP Renováveis ​​shares are down -3.27%. EDPR's parent company, EDP, is down -1.47%.

Also noteworthy is the 1.73% drop in Mota-Engil shares, while CTT lost 1.41%.

Galp is also among those falling, losing -0.61%.

Looking at the gains, only four listed companies are in the green, notably Ibersol, which is up +0.82%, and BCP, which is up +0.52%. The remaining listed companies in the green are NOS and Navigator.

In Europe, the Stoxx 600 fell 0.18% and the EuroStoxx 50 fell 0.35%. On the markets, I expect a 0.13% rise in London and a 0.05% rise in Milan, countercyclical to most indices. The CAC 40 lost 0.59%; the DAX fell 0.21%; the IBEX fell 0.56%.

"Investors are showing some caution after some indexes returned to all-time highs, as they await important Nvidia earnings reports due Wednesday after Wall Street closes," notes MTrader.

Brent crude oil rises 0.58% to $68.12.

The euro fell 0.22% to $1.1682.