Portugal banking stocks bounce off lows after Reuters interview

Stocks in top Portuguese banks on July 12 erased most of their significant declines after Treasury Secretary Carlos Pina told Reuters in an interview that financial stress tests performed so far showed no capital problems. The country’s largest listed bank Millennium, which had been falling 4.8 percent, recovered to trade just 1.3 percent lower and No.2 Banco Espirito Santo practically erased its 3.4 percent decline. The interview was cited in all major Portuguese media outlets, including TV and radio and various analysts referred to it in research notes the following day.