European stock markets were mixed in the first week of the year, from the 2nd to the 6th of January 2012 (-2.9% Milan, London +1.5%, +2.7% Frankfurt, Paris -0.7%). Despite positive macroeconomic data from Germany and the US (manufacturing and unemployment rates), concerns about the financial crisis in the euro area prevailed.
The banking sector (Stoxx banks -2.7%), recorded the worst weekly performance discounting the possibility of the need for new resources to address the crisis in the eurozone.
Good performance for Auto&Parts (+6.4% the Stoxx index) thanks to the December car registrations data, particularly in Germany and Brazil.
Pirelli closed the week at € 6.7 with an increase of 3.2%. Cheuvreux included Pirelli stock among the 7 Italian Top Picks in 2012 while Merrill Lynch has confirmed the view on the stock and upgraded the TP to € 6.5 from € 5.8.