The main European stock exchanges ended the week in negative territory, pressured by expectations around US monetary policy, rising oil prices and inflation concerns. The pan-European STOXX 600 index fell approximately 0.2%, extending the negative trend recorded throughout the week. In Frankfurt, the DAX ended practically flat, while the CAC 40 in Paris and the FTSE 100 in London also closed with slight losses.
Volkswagen stood out positively by surging 6.6%, after the supervisory board approved a new restructuring plan that includes job cuts and a reduction in industrial presence. European investors took in stride the indication that the US economy generated a surprising number of jobs in August, which suggests the labor market is more robust and dynamic than previously thought, amplifying fears that it will be harder to bring inflation down to the 2% annual target desired by the Fed.
The Lisbon financial market went against the trend of some European counterparts by closing with a slight decline. The PSI fell 0.14% to 9,388.77 points, weighed down by only six of its 16 listed companies, thus recording the third consecutive session in negative territory. For the week, the index broke a cycle of four consecutive weeks of gains, posting a loss of approximately 0.5%.
The Portuguese index was dragged down mainly by Galp's performance, which led the losses by falling 2.29% to 20.52 euros, weighed down by the global crude oil devaluation. EDP Renováveis also fell 0.45% to 13.14 euros and BCP posted a decline of 0.09% to 1.1485 euros. In the opposite direction, retailers helped cushion the fall, with Jerónimo Martins rising 1.22% to 18.23 euros, Sonae advancing 0.50% to 2.025 euros and EDP gaining 0.35% to 4.649 euros.
