Profit-taking on international markets in the week 11-15 January 2010 was substantial after a bullish start to the year.
Sales concerned all sectors and the banking sector in particular (with the European reference index down -3.7%) after the quarterly results of JPMorgan.
The auto sector contained its losses thanks to the upward trend of vehicle registration in the USA, Europe and Brazil (+50.7% yoy increase in vehicle registration in Brazil in the month of December; +11.4% yoy increase in 2009). Shares in the tyre sector rose with Pirelli closing the week at 0.45€ +1.4% (+2.1 percentage points up on DJ Stoxx Auto & Parts).
During the week Kepler confirmed the positive outlook for Pirelli shares (Hold, Target Price €0.45) identifying as share catalyst the Pirelli’s commitment in Russia for the realisation of a new industrial district, the restocking by dealers and a more efficient cost structure.
The Italian real estate sector, and specifically Pirelli RE, showed a weak trend, down by 4.3% (-2.2% Aedes, -2.3% Brioschi, -1.6% Gabetti).