Investor Channel is the communication channel between Pirelli and the financial community. Analysts, shareholders and web users can use the channel for direct dialogue with the Group. The blog is moderated by Pirelli Investor Relations.

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The main European stock markets were mixed in the week from the 17th to the 21st of February, 2014 (Milan -0.2%, London +2.6%, Frankfurt -0.1%, Paris +0.9%, Madrid -0.6%). On the macro data front, negative surprises came from the drop in German consumer confidence (February Zew index down for the second consecutive month) and from the contraction in Chinese manufacturing (February flash PMI). Good news were the US employment, with a drop in jobless claims, whereas the Fed minutes hinted at the possibility that interest rates might be hiked sooner than expected.

Auto & Parts stocks were up in the week (sector index +0.7%), now the best performing sector in 2014ytd with a return 3 times higher than the Stoxx 600 index (+7.6% vs +2.4%). Peugeot led gains following FY13 results and the capital increase agreement with the French State and Chinese partner Dongfeng Motors.

Pirelli shares closed the week stable at 12.53€ (-0.6%) with limited volumes: daily average shares traded at 1.7 million are 43% below the average for the last month. According to data published by Michelin, tyre market trends in January confirmed the rebound in the European Car replacement channel and the weakness in Brazilian OE. Consensus Target Price stood at 12.04€ with 74% of analysts recommending to Buy or Hold the shares.

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