Main European stock markets were up on the week from October 29 to November 2, 2012 (Milan +1.2%, London +1.1%, Frankfurt +1.8%, Paris +1.7%, +2.5% Madrid). Stock exchanges benefited from U.S. October macroeconomic data on Consumer Confidence (the highest since 2008) and Manufacturing (more than 50 points, the threshold of the recession) which were both above expectations.
Auto & Parts sector delivered positive returns (+3.8% Stoxx Auto) thanks to a number of encouraging quarterly results and good market data for the U.S. market: car sales were up 7% yoy in October with Premium European OEMs showing a double-digit growth (+15 %).
Also european tyre stocks were positive following the good reporting season with Pirelli up by 5.2% at € 8.97 and an average daily trading volumes of about 2.7 million. The stock continues to be among the 10 top-performers in the FTSE-Mib thanks to a YTD performance of +37.9%.
Average Target Price was unchanged in the week at €10.3 (15% above Friday’s close price), as well as the percentage of analysts with a positive recommendation on the stock, 91% of total.