Portugal’s rating and 4 other things you need to know to start the day
Investors will be reacting to the 2023 accounts of Altri, Cofina and Ramada today. Also focusing attention will be the rating agency Fitch, which once again gives its opinion on the Republic’s financial rating.
| Reaction to Altri, Cofina and Ramada accounts |
| Investors react today to Altri’s accounts, the only one of the three that trades in the national reference index. The pulp and paper manufacturer saw profits fall 71.9% to 42.8 million euros in 2023 compared to 152.5 million in the previous year. Cofina recorded losses of 2.08 million euros in 2023, the year in which it sold all of Cofina Media, owner of Correio da Manhã, CMTV, Negócios, Sábado and Record, which compares with profits of 10.45 million of euros in 2022. Ramada, in turn, made a profit of 10.4 million euros in 2023, 48% less than in the same period last year. |
| Fitch evaluates Portugal’s rating |
| In September last year, Fitch placed Portugal’s rating on the A club – from where it had been taken 12 years earlier. This Friday, the agency will once again comment on the financial rating of the Republic, in what will be the first assessment after the legislative elections on March 10, which led to Luís Montenegro, president of the PSD and leader of the Democratic Alliance coalition, (AD), was nominated as prime minister. |
| Rain of economic data in Portugal |
| The Bank of Portugal (BdP) reveals several data, which include figures on certificates in February, the debt of the non-financial sector in January and the financing of public administrations, also referring to the first month of the year. The National Statistics Institute (INE), in turn, releases the industrial production price index for February and the housing price index, which covers the last quarter of last year. |
| Retail sales in the United Kingdom and company expectations in Germany |
| In Europe, retail sales figures for February are known in the United Kingdom and in Germany. The private Ifo institute provides information on business conditions and companies’ expectations in March. |
| The last day of the European Council and the Euro Summit |
| The Euro Summit – on the sidelines of the second and final day of the meeting of heads of State and Government of the Member States of the European Union, the European Council – debates the economic situation, will exchange views on policy coordination and make the review of the Eurogroup report on the future of the Capital Markets Union. |
