Major international stock markets were up in the week from April 22 to 26 (Milan +5.1%, London +2.2%, Frankfurt +4.8%, Paris +4.3%, +4.8% 9 Madrid). After the macroeconomic data from Germany in April (PMI at 47.9 points, below the consensus and the critical threshold of 50 points; Ifo economic activity down to 104.4 vs 106.2 pts estimated) markets relied on a cut of official rates by ECB to support economy (expected May 2nd a decrease to 0.5% from the current 0.75%).
By sector, purchases was focused on Auto & Parts stocks (+7.3% the Stoxx Auto Index) following the beginning of the reporting season. After the publishing of 1st quarter data that showed the weakness of demand, traders are betting on a trend of improvement in the coming quarters. This hypothesis was validated by early indications from the Industry: truck recovery in orders in March, general automotive sector re-stocking, tyre recovery in sales for the month of April.
Pirelli ended the week at € 7.68 (+4.3%) with an average daily trading volume of about 2 million.