The week from February 11th to 15th was mixed for major international stock markets (Milan -0.8%, London +1.0%, Frankfurt -0.8%, Paris +0.3%). The expectations for the outcome of the G20 meeting in Moscow (global currency balance the main topic on the agenda) and the not-encouraging data of fourth quarter GDP in Italy, France and Germany (all down QoQ and lower than expected) feed the uncertainty and volatility in the markets.
European Auto&Parts sector was down after previous week’s positive performance (-1.6% Stoxx Auto, +4.4% YTD). Among the major OEMs Renault and Peugeot were in countertendency after 4Q FY-2012 results above analysts’ expectations: +6.7% and +10.4%, respectively, the weekly return.
European tyre sector was also mixed. Pirelli ended at € 8.71 (-2.4%, +1.1% Continental, Michelin -6.5%). Low activity on the stock with an average daily trading volume of approximately 1.9 million shares (-30% vs. the average of the last 3 months). In the last quarter, the stock gained 6.2% in line with the performance of the Milan Stock Exchange.