Bloomberg News

Portugal’s Regulator Says Economy to Blame for Stock-Market Woes

September 15, 2011

Sept. 14 (Bloomberg) -- The recent turmoil in stock markets reflects the financial state of some companies and their respective economies, Portugal’s Securities Market Commission Chairman Carlos Tavares said.

Stock markets are “mirroring” the state of companies and the economy, Tavares told reporters in Lisbon today. He said he didn’t think speculators were behind the recent drop in share prices in Europe.

The benchmark Europe 600 Index has plunged 19 percent this year, according to Bloomberg data, as the debt crisis spreads from Greece, Ireland and Portugal to the larger economies of Italy, Spain and France.

Tavares, who is also vice chairman of the European Securities and Markets Authority, said business leaders and policy makers have failed to coordinate their comments, fueling “nervousness” and “volatility” in markets.

“Every day there is talk of something different,” he said.

--Editors: Jennifer M. Freedman, Will Hadfield

To contact the reporter on this story: Henrique Almeida in Lisbon at

To contact the editor responsible for this story: Angela Cullen at

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