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This is in line with the market consensus, but we think there will be a surprise that the guidance is not disappointing in the light of France Telecom and previous experiences with KPN.

PSA will replace nearly one third of its model line-up in 2006, which should drive more rapid volume growth in 2006 than the pedestrian level reached in 2005.

Compass has issued, for the first time in a while, a trading statement that does not include a profit warning. Trading and management's initiatives appear to be running to schedule.

The euro zone has just edged ahead of Japan, and is now the region investors would most like to overweight in the next year.

BNP Paribas has continued the trend of European banks beating at revenue level, but experiencing significant cost growth.

Congressional pressure is one of the factors underlying the Bush administration's leverage on China to allow [foreign exchange] flexibility.

One of the factors contributing to retail margin pressures in January was a shift in advertising to later in the year, in support of Target's evolution to more a department store and gift destination.

One of the factors contributing to retail margin pressures in January was a shift in advertising to later in the year, in support of Target's evolution to more of a department store and gift destination.

We caution against extrapolating too much from this figure to any individual company's outlook. The 6.9% figure does not necessarily translate to the average payment increase a given MA plan ultimately receives.

Management believes the group can generate half of its profits from outside the U.K. within three years from the current portfolio of businesses - we think highlights the strong organic growth possibilities within the business.

Questions remain about the sustainability of the turnaround at Fiat Auto and profitability of underlying business, in the absence of further exception items (like assets sales and the GM one off gain).

(They are) basically doing all the right things. This is a bull's wish list.

From a hardware standpoint, the largest exposure outside of Sony itself is Microsoft, which could benefit if the company is able to overcome supply problems with Xbox 360.

This implies to us that UK gambling companies are probably underestimating the negative effects of a smoking ban on their businesses.

Any stabilization of the main candidates in their present numbers in the next polls may prompt some tactical buying in Peru, given wide relative spreads to usual peers.

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