PORTUGAL BAIL-OUT LOOKING MORE LIKELY - Portuguese PM Jose Socrates resigned last night after parliament rejected his government's latest austerity measures.
Oliver Gilvarry, head of research at Dolmen, said European markets were expected to open slightly lower as a result, but he said the biggest effect was likely to be on European banks. The analyst said it was 'nearly 100% certain' that Portugal would seek a bail-out, as it had €4 billion of debt re-financing to do in the coming weeks
Meanwhile, to co-incide with President Mary McAleese's State visit to Spain this week, Enterprise Ireland held a day to showcase Ireland's pharmaceutical sector.
15 Irish companies and 24 of the most important Spanish companies took part in 65 meetings.
John Roche, Enterprise Ireland's country manager for Portugal and Spain, said Spain was Europe's fifth-largest economy, and there had been only a 'minimal' drop in exports to the country despite the crisis.
He said Spain's pharmaceutical sector had been less affected by the slowdown.
Mr Roche said Enterprise Ireland had been focusing on Spanish-owned companies, and that there were five or six larger firms - mainly around Barcelona - which were still investing.
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CURRENCIES - On the currency markets, the euro is trading at $1.4081 and 86.73p sterling.
