Sofia Horta e Costa

We're seeing one of the biggest short squeezes in decades for US stocks, and one of the highest levels of speculative trading (Goldman)

Margin debt in US stocks just exceeded $1 trillion for the first time in history. Brokerages extended 9.4% more credit to clients in June, the biggest m/m jump since November 2020. It’s now at the highest since FINRA’s dataset began in 1959. Credit to EPFR

PE funds are keen to get a slice of European football. In Portugal, Fortitude Capital - backed by BTG and co-founded by an ex-Goldman partner - is keen to invest in stadium renovations bloomberg.com/news/articles/…

China has started building what will be the world's largest hydro dam, with big implications -Shares of Huaxin Cement +86% today alone -Iron ore, steel near four month high -Boost of 0.23ppts/0.09ppts to China investment/GDP growth in the initial year, Citi says -It's in Tibet…

The number of homes for sale in Spain sank 20% in Q2, the biggest drop since at least 2007. The stock has been shrinking for years now. And in Madrid, home prices jumped 25% in June y/y to a record €5,642/sqm. Madness. bloomberg.com/news/articles/…

Portuguese Prime Minister Luis Montenegro plans to replace central bank Governor Mario Centeno after his first term ends bloomberg.com/news/articles/…

This one is for the football (and credit?) fanatics out there. Sporting CP is seeking to raise at least €100m in a debt sale, following FCPorto's successful private placement to US investors last year bloomberg.com/news/articles/…

Here we go, TAP is officially up for sale. Again bloomberg.com/news/articles/…

Markets are pricing in a 60% probability that Trump's 50% tariff on copper will be in place by December (chart by Goldman) bloomberg.com/news/articles/…

Portugal's average electricity prices have been falling in the MIBEL market since a record €167.89 MWh in 2022. But the gap relative to cheaper Spain is widening this year

Portuguese Finance Minister Joaquim Miranda Sarmento says he sees the EU and the US reaching an agreement with tariffs potentially below 10% that would help keep trade flowing bloomberg.com/news/articles/…

It's taken more than a decade. Portugal's stock index has finally recovered losses triggered by the collapse of Banco Espirito Santo bloomberg.com/news/articles/…

BlackRock has €5-6 billion invested in Portuguese assets, one of its preferred European markets at the moment, according to @JNegocios jornaldenegocios.pt/mercados/detal…

Bank of Portugal’s Centeno says he’d like to serve another term bloomberg.com/news/articles/… via @joaomlima1 @flacqua

Power consumption in Portugal reached the highest ever in the first half of 2025, beating a record from 2010. Renewables powered 77% of consumption. Numbers from REN

Back after a year offline, anyone still here? I’ll be reporting for Bloomberg from Portugal, my favourite place. Starting the new gig in a heatwave, good luck to Powell, Lagarde, Ueda, Bailey and everyone over in Sintra. Throwing in a pic from the last heatwave

Portugal’s football players found the fountain of youth (Thank you for the live blogging @BBCSport, couldn’t watch yesterday’s match!)