The week from 24 to 28 September 2012 was a difficult one for the major international Exchanges (Milan -5.6%, London -1.9%, Frankfurt -3.2%, -5.0% Paris, Madrid -6.3%) due to fears of a further economic slowdown. Both Standard & Poor’s and Fitch lowered its 2012 GDP estimates in Asia – the main engine of economic growth – while in Europe the focus has been on the strength of the Spanish banking system with stress tests that showed a need for capital of 59.3 billion euro.
Auto&Parts Sector was also under pressure (-6.3%) after major car makers announcements of production cuts.
Pirelli closed at € 8.38 (-6.3%) in line with the sector and peers. Average daily trading volume was about 3 million pieces. Despite the current weakness in the sector, Pirelli stock remains among the top 10 performers in the FTSE Mib with an year-to-date increase of 28.8% (+28.8 pp vs FTSE Mib +10.7 pp vs Stoxx Auto).