PSI up but below European stock markets on a day when DAX is at its highest

European stock markets continue to rise, with the German index hitting new all-time highs, mirroring yesterday's feat in North American indices. The DAX is up 0.11% to 24,576.5 points.

In a countercyclical trend, the IBEX fell 0.61%, after the European Commission accused the country of hindering BBVA's acquisition of Sabadell.

The PSI is rising 0.07% mid-session to 7,791.88 points. Mota-Engil leads the rise with a 1.9% increase, followed by Corticeira Amorim (+1.13%) and Semapa (+1.05%).

Of the five falling stocks, REN led the way, losing -1.62%. CTT fell -0.12%; EDP fell -0.13%; EDP lost -0.20%; and BCP lost -0.12%.

"In Portugal, the PSI follows the European environment, with emphasis on two new upgrades to BCP [from JB Capital, which raised its target price from €0.80 to €0.83; and from KBW, which raised it from €0.65 to €0.75 per share, with a buy recommendation], say MTrader analysts.

"The Natural Resources sector is very excited about the rise in copper prices, after Donald Trump implemented 50% tariffs on imports of the metal, which will take effect on August 1st," the analysts add.

"In the Technology sector, companies linked to the semiconductor industry saw TSMC announce higher-than-expected sales growth," says a note from Millennium Investment Banking.

"On a macroeconomic level, it is worth noting that inflation in Germany fell to 2% in June, a level that coincides with the ECB's long-term inflation target," the analysts highlight.

Brent falls 0.44% to $69.89.