If you want to offer handling there (in some European markets), you need to offer trucking.

3G subscribers will pass 50 million at the end of 2005. More importantly, European 3G markets are now outpacing Japan. The outlook for 3G is healthy provided that operators and their handset partners can expand beyond postpaid only users into the larger, but more price elastic, prepaid user segments.

The (European) markets on Wednesday are buoyed by some fantastically good figures from SAP, which have come on the back of things improving in New York and then that was followed through this morning by some very good (technology) performances in Tokyo.

European markets are set to follow the outlook for the dollar. The dollar is getting stronger and European currencies are weakening and that is probably taking European markets higher again.

Worries about an interest rate rise have virtually disappeared, the consensus is now that the Fed won't raise rates, ... Volume is a bit better than yesterday but most of the buying is in half a dozen stocks. Unless we start seeing a broader rally on more volume we can't be convinced that we're out of the woods yet.

But we need to see more volume before the market moves higher.