5 things that will mark the day

This Friday, the privatization of TAP, announced by the government on Thursday, will be debated in the National Assembly. The National Institute of Statistics (INE) will release data on services for the month of May, and the International Energy Agency will reveal estimates for global oil demand for 2025 and 2026.

Debate in Parliament on the privatization of TAP

This Friday, at 9:00 am, an urgent debate will take place in the Assembly of the Republic, at the request of the Chega party, on the privatization of TAP. On Thursday, the Government approved the privatization process of TAP up to 49.9% of its capital. The Prime Minister assured that the process safeguards the Lisbon hub and that if the Government's objectives are not achieved, the process may be suspended without any compensation.

INE releases service data

The National Statistics Institute (INE) will release the Business Volume, Employment, Wages, and Hours Worked in Services Indices for May . In April, the services business volume index recorded a year-on-year change of 4.6%, reflecting a 3.4% increase compared to the previous month. The monthly change in April was 0.7%, reversing the 1.7% decrease observed in the previous month. The employment and wages indices showed year-on-year changes of 2.8% and 9.3% in April, respectively (3.7% and 9.3% in March).

How is the demand for oil?

The International Energy Agency (IEA) will release its global oil demand estimates for 2025 and 2026. In June, the OECD energy agency predicted that global oil consumption would fall "slightly" in 2030 , the first drop for this climate-changing fossil fuel since 2020, a year of exception due to Covid-19. The IEA also estimated that global demand for black gold will peak by the end of the decade.

German parliament approves fiscal package

This Friday, the German Parliament is expected to ratify German Chancellor Friedrich Merz's €46 billion package of tax incentives for companies through 2029. This package was created to boost the economy and support businesses, in an attempt to counter the risks of stagnation in the eurozone's largest economy.

BES Angola trial continues

At 9:30 a.m., the BES Angola (BESA) trial resumes at the Justice Campus . On July 15, 2024, the court decided to refer to trial former banker and BESA chairman Álvaro Sobrinho, former banker and BES chairman Ricardo Salgado, as well as former BES directors Morais Pires, Rui Silveira, and Hélder Bataglia, fully validating the Public Prosecutor's Office's accusation. The charges in this case include aggravated breach of trust, money laundering, and aggravated fraud.