CALDEIRÃO DE BOLSA

nunes Escreveu:MERCK - compra a 27,25

nunes Escreveu:05/Setembro/2005

- Compra de CAP GEMINI a 26.45

nunes Escreveu:10/Janeiro/2005

- Compra de PEUGEOT a 50.90

PARIS, Jan 11 (Reuters) - French carmaker PSA Peugeot
Citroen cut its 2005 profit outlook for the second
time in three months after European car sales weakened further
in the last quarter of 2005, pushing its shares lower on
Wednesday.
Car makers are struggling to make money in a European market
where pessimistic consumers are delaying big-ticket purchases,
despite record-low interest rates.
PSA, the world's sixth-largest automobile maker, forecast
gross operating income of 1.940 billion euros ($2.34 billion)
for 2005, or 3.4 percent of sales, after 2.534 billion in 2004.
In October it had already reduced its forecast to a margin
of "around 4 percent" from a range of 4 to 4.5 percent, and
sector analysts had reduced their consensus estimate to 3.7 to
3.8 percent, according to Reuters Estimates.
"It's disappointing after the third-quarter profit warning.
It looks like another profit warning. Now what is (Chairman)
Jean-Martin Folz going to say about 2006? His message should be
cautious," said Deutsche Bank analyst Alexis Boyer.
PSA shares were down 1.08 percent to 50.40 euros at 1040
GMT, having earlier been down almost 5 percent, underperforming
a flat DJ Stoxx European auto sector <.SXAP>.
It sold 3.39 million vehicles in 2005, up 0.4 percent.
Further model launches should boost unit sales in Western
Europe in 2006, PSA said, while in the rest of the world, sales
growth was expected to remain high, relative to the last two
years.
Unit sales in Western Europe were down 2.7 percent in 2005,
while elsewhere they rose 8.4 percent.
Domestic rival Renault last week reported a 1.7
percent increase in 2005 unit sales, boosted by the no-frills
Logan model made by Romanian unit Dacia, as well as by models of
its South Korean subsidiary Renault Samsung Motors.
General Motors Corp's European arm and Fiat
expected a trading loss in Europe in 2005, while Volkswagen
boosted group sales by 3.2 percent to 5.24 million.
PSA said that in the last quarter of 2005, European sales
had declined more than expected and that the market had become
even more competitive.
Its market share slipped to 14.3 percent from 14.6 percent.
"Because of that, the production reduction announced in the
autumn has been stepped up but nevertheless without allowing us
to bring down the stock of vehicles to target levels," it said.
World sales at the Peugeot brand were 1.6 percent lower,
while those at Citroen rose 3.5 percent.

FURTHER OUTPUT REDUCTION
PSA will further cut production at its Mulhouse plant in
January and in Rennes and Sochaux in February.
PSA has launched several new models in 2005; the Peugeot 407
saloon, the 1007 small car with electric sliding doors, the
small 107 and the Citroen C1 city car, with recent additions the
407 coupe and the luxury C6 limousine.
Next week it is set to launch the 207, a compact car in the
hotly contested "B" market segment.
Automobiles Peugeot, part of PSA Peugeot Citroen, expects
car sales to exceed 2 million units this year and could sell
over half a million of the 207 model in 2007, the brand's head
told a news conference.
Frederic Saint-Geours expected to invest about 1 billion
euros ($1.21 billion) in launching the 207.
He said the European market would remain tough. "I see no
reason why there would be a let up on competitive pressure in
2006."
Claude Satinet, the head of Citroen, was able to report a
rise in volume sales but he said the Italian and Dutch markets
had been disappointing. Citroen is focusing on the market for
private buyers to maintain its profit margins.
"Overall, 2005 was a good year for Citroen," he said. Sales
of the luxury C6 model will take-off in 2006.
Satinet said he expected to sell slightly more vehicles in
2006 than the 1.395 million in 2005, in a range of 1.40-1.45
million units. He said the main growth driver would be the C1
small city car.
In 2006 too, Citroen would try to defend its profit margins
in a competitive market.

Cap2006 Escreveu:A Rhodia quando passar a barreira dos 2E...não demorará a atingir os 3 E.

nunes Escreveu:
MERCK - compra a 27,25

nunes Escreveu:(...) eventual (e previsível) rebound deste eufóruco início de ano.

UBS Upgrades Capgemini To Buy

Thursday, January 05, 2006 3:20:50 AM ET
Dow Jones Newswires



0707 GMT [Dow Jones] UBS upgrades Capgemini (12533.FR) to buy from neutral, target price to EUR41 from EUR34. Says group's performance continued to improve in 4Q '05, with attrition rates declining steadily and bookings stabilizing. Says a small profit, rather than the loss previously expected, is now on the cards. Says strengthened cash position should allow group to fulfill its ambition to acquire in India: a deal that would likely be accretive, although it would run significant integration and cultural risks, UBS adds. Shares closed at EUR35.35. (AST)

Capgemini upgraded to "outperform"

Thursday, January 05, 2006 8:18:53 AM ET
Credit Suisse First Boston

LONDON, January 5 (newratings.com) - Analysts at Credit Suisse First Boston upgrade Capgemini (CGM.ETR) from "neutral" to "outperform." The target price has been raised from €3.20 to €4.40.

In a research note published this morning, the analysts mention that the company is expected to benefit from the ongoing recovery in Consulting and Project demand in Europe. Capgemini is focused on profit generation and asset rationalization rather than revenue growth, the analysts say. The company's restructuring programme in the US has been better than expected, Credit Suisse First Boston adds.

Rhodia gets U.N. nod for emission rights trading

PARIS, Nov 28 (Reuters) - Rhodia won United Nations
approval to cut greenhouse gas emissions from its Onsan facility
in South Korea and trade in the resulting credits, which boosted
its volatile share by almost 21 percent.
The French chemical company said on Monday that from 2007
its earnings are set to benefit from trading in carbon emission
credits following the clearance by the U.N. Framework Convention
on Climate Change secretariat, the official issuer of carbon
emission receipts (CERS).
Loss-making Rhodia is in need of revenues as it gradually
emerges from a restructuring. A second project for cutting
carbon emissions at its Paulinia plant in Brazil is expected to
get approval by the end of this year.
"With this decision, the group has now acquired final
consent needed to deploy the project, which will become
operational by the end of 2006," Rhodia said in a statement.
In return for cutting greenhouse emissions, it can earn
greenhouse gas credits and then sell them to other companies
failing to meet pollution restrictions under the Kyoto protocol.
Companies are lining up hundreds of projects in Brazil,
China, India and other developing countries to earn credits that
can be sold on a new pan-European market for carbon dioxide
(CO2) allowances. Allowances currently fetch more than 20 euros
per tonne of CO2 <0#CFI:>.
Rhodia has been selling assets, renegotiating credit lines
and issuing shares to cut debt and return to profit in 2006
after it suffered from a costly expansion, a slowdown in
economic growth and high raw material prices.
Rhodia has said it expects to sell between 11 million and 13
million tonnes of CERs annually but declined to give a value.
Analysts have estimated the net value of these credits to be at
least 200 million euros ($234 million), though estimates varied.
The U.N. approval comes after Rhodia got clearance from
South Korea and Brazil. Rhodia's shares were up 14.6 percent at
1.49 euros by 1117 GMT after earlier rising as high as 1.57
euros.

mardi 22 novembre 2005, 7h35


Rhodia : augmentation de capital de 604 Millions d'Euros

604 Millions d'Euros, c'est le montant de l'augmentation de capital que Rhodia (Paris: FR0000120131 - actualité) s'apprête à lancer. La société évoque sa volonté d'améliorer son bilan en se désendettant, mais aussi des projets de développement industriel.

Cette augmentation de capital, par création de 549 134 383 actions nouvelles d'une valeur nominale de 1 euro, est réalisée avec maintien du droit préférentiel de souscription au profit des actionnaires de Rhodia, à raison d'un droit attribué par action détenue. 8 droits permettent de souscrire 7 actions, au prix de 1,10 euro par action nouvelle. Les droits seront détachés jeudi 24 pour les actionnaires inscrits en compte le mercredi 23 novembre après clôture. La période de souscription durera 2 semaines, du 24 novembre au 7 décembre 2005 inclus. Durant cette période, les droits préférentiels de souscription seront négociables et cotés sur le marché Eurolist. La livraison et la cotation des actions nouvelles devraient intervenir le 20 décembre 2005.

Rhodia se veut rassurant dans ses propos et parle de "renforcement de ses ressources financières à moyen terme, rationalisation de son portefeuille d'activités, simplification de ses structures et amélioration de ses performances opérationnelles."

Deux priorités sont à l'ordre du jour chez le chimiste : le développement rentable des pôles Matériaux de Performance et Chimie d'Applications d'une part, et la génération de free cash flow dans les activités Organiques et Services d'autre part.

"Cette augmentation de capital nous donnera les moyens de gagner notre avenir", indique Jean-Pierre Clamadieu, Directeur Général de Rhodia.

LONDON, Nov 17 (Reuters)

Cholesterol-lowering drugs may
help to delay the progression of Alzheimer's disease, the
leading cause of dementia in the elderly, French scientists said
on Thursday.
In a three-year study involving 342 Alzheimer's patients,
they found that the illness did not develop as quickly in
sufferers with high cholesterol levels who were given statins as
in patients not taking the drugs.
Professor Florence Pasquier, of the University Hospital in
Lille, France, said the drugs "may slow cognitive decline in
Alzheimer's disease and have a neuroprotective effect."
Nearly 130 patients in the study had high cholesterol
levels. About half were given statins while the remainder did
not receive any treatment.
The findings, which are reported in the Journal of Neurology
Neurosurgery and Psychiatry, support the results of other human
and animal studies which have suggested that high cholesterol
levels may play a role in the progression of Alzheimer's.
Most of the patients in the study were women. Their average
age was 73. The progression of the disease was rated at 1.5
points a year for the women taking the drugs, compared to 2.4
for those who were not treated with statins and 2.6 for patients
with normal cholesterol levels.
Millions of people around the world are prescribed the
drugs. Pfizer's Lipitor, Merck & Co. Inc's Zocor
and AstraZeneca's Crestor are among the leading statins. The drugs lower cholesterol by inhibiting an enzyme that
controls how much is produced in the body.
In an editorial in the journal, Dr Frank-Erik de Leeuw, of
University Medical Centre in Nijmegen in the Netherlands, said
more work needs to be done before any conclusions about the
usefulness of statins for Alzheimer's disease can be drawn. "There is conflicting evidence for a causal relation between
cholesterol, its treatment, and the incidence of Alzheimer's
disease," he added.
Alzheimer's affects an estimated 12 million people around
the world. There is no cure for the progressive illness that
robs people of their memory and mental ability but drug
treatments may slow its early progression.

Lipitor fails to beat Zocor in heart study

By Bill Berkrot and Ransdell Pierson

DALLAS, Nov 15 (Reuters) - High doses of Pfizer Inc.'s
cholesterol-lowering drug Lipitor failed to help
heart-attack patients much more than moderate doses of rival
Zocor, made by Merck & Co. , researchers said on
Tuesday.
The aim of the high-stakes, 5-year, 8,800-patient study was
to see if intensive lowering of "bad" LDL cholesterol with
Lipitor would reduce risk of death and other adverse events in
heart-attack patients more than the moderate, most widely used
dose of Zocor.
A decisive victory for Lipitor might have helped Pfizer
fend off attempts by U.S. insurers to switch patients to
cheaper generic versions of Zocor when they become available
next year. But Lipitor did not show clear superiority in the
primary area of the study comparing the two most-prescribed
cholesterol fighters.
"We anticipate that the non-superiority of Lipitor over
Zocor .... will compound existing investor apprehension that
Pfizer will be unable to defend Lipitor market share against
the availability of generic Zocor in mid-2006," Banc of America
Securities analyst Chris Schott wrote in a research note.
"A positive outcome could have served to accelerate Lipitor
prescription growth," he added.
Results of the trial were presented at the annual
scientific meeting of the American Heart Association.
Instances of death, acute heart attack or cardiac arrest
requiring resuscitation occurred in 10.4 percent of the Zocor
group and 9.3 percent of the high-dose group, differences not
considered statistically significant, researchers said.
The 80-milligram Lipitor group, however, did show a
statistically highly significant reduction in non-fatal heart
attacks and strokes compared to patients taking 20 mg to 40 mg
of Zocor, the study found. But those were only secondary goals
of the study.
Non-fatal heart attacks were reduced by 17 percent in the
group taking Lipitor, the world's top-selling drug with annual
sales approaching $12 billion.
"The secondary benefits seen in this trial show that if
you've already had a heart attack, you're better off with a
high-dose statin," said Kosh Roy, a cardiologist at Brigham and
Women's Hospital in Boston.
Roy said the same message also came out of other big trials
recently, including one in which high-dose Lipitor was superior
to a low dose of the Pfizer drug among heart patients.
There was no significant difference in death by causes not
related to heart or vascular problems between the two groups,
the latest Pfizer-funded study concluded.
"This finding may help calm concerns that high-dose statins
contribute to excess non-cardiac deaths, such as from cancer,
but benefits apparent in this trial were more modest than we
had expected," said Dr. Terje Pedersen, the study's lead
author.
Pfizer shares closed down 36 cents, or 1.6 percent, at
$21.89 on the New York Stock Exchange. Merck shares fell 21
cents to $30.02, also on the NYSE.
In separate mid-stage studies presented at the meeting,
Pfizer's experimental drug torcetrapib when combined with
Lipitor significantly increased levels of "good" HDL
cholesterol and significantly lowered "bad" LDL cholesterol.
Pfizer views torcetrapib as the most important drug in its
development pipeline and hopes its sales will surpass Lipitor,
which loses patent protection in 2011.
In a study of nearly 500 patients, those who received 60
milligrams of torcetrapib and either 10, 20, 40 or 80 mg of
Lipitor saw their heart-protective good cholesterol rise
between 44 percent and 66 percent, and bad LDL cholesterol fall
between 41 percent and 60 percent.
In the Lipitor versus Zocor trial, Pedersen speculated that
had researchers continued the study for another three months,
Lipitor might have achieved the main goal.
"I definitely think there will be a trend of using
higher-dose statins in the future," Pedersen said, citing lower
heart attack rates seen in his trial and other recent studies.

Rhodia sees 2006 return to profit as EBITDA rises

By Caroline Jacobs

PARIS, Nov 9 (Reuters) - French specialty chemicals company
Rhodia posted an 11 percent rise in third-quarter core
earnings on Wednesday as restructuring paid off and maintained
its 2006 earnings goals, including a return to profit.
For the fifth straight quarter Rhodia said it could pass on
higher prices to its customers, which more than offset higher
raw material costs and slightly lower sales volume.
Rhodia has been overhauling its business since 2003, selling
assets, raising cash and renegotiating credit lines, after a
costly expansion coincided with an economic and sector slowdown,
inflating its debts and harming earnings.
Earnings before interest, tax, depreciation and amortisation
(EBITDA), or core earnings, before restructuring rose to 104
million euros ($122.1 million) from 94 million on sales little
changed at 1.24 billion euros. EBITDA rose 13 percent from 92
million euros restated on a like-for-like basis.
"Rhodia's operational recovery is now well underway," Chief
Executive Jean-Pierre Clamadieu said. "Our assertive strategy of
raising prices and our fixed-cost reduction plans are continuing
to deliver benefits and enabling us to improve margins."
Its net loss widened to 122 million euros from 45 million in
the same period of 2004 after Rhodia sold parts of its business.
Some analysts said the figures fell short of their
expectations, while others said that Rhodia's operating profit
-- 2 million euros versus a loss of 32 million in the year-ago
quarter -- showed cost custs were paying off.
"The earnings were a lot lower than I expected and I'm
surprised the market has responded as it has," one London-based
analyst said. "I still feel that is quite tough (for Rhodia to
meet its earnings goals for 2006)."
Rhodia shares added 2.5 percent to 1.63 euros by 1110 GMT,
while the DJ Stoxx chemicals index <.SX4P> rose 0.8 percent.

PROGRESS IN SOLUTION FOR PHARMA
Rhodia said it was "making progress" in looking to shed its
its Pharma Solutions unit, excluding its aspirin and paracetamol
production assets. The division has been struggling with strong
over-capacity and Rhodia in the second quarter of the year had
written off the value of the business for 101 million euros.
From 2007, Rhodia is set to benefit from trading in carbon
emission credits once the United Nations, which issues carbon
emissions receipts (CERS), has given its clearance.
Rhodia won approval from South Korea and Brazil to cut
greenhouse gas emissions at its facilities. In return, it can
get greenhouse gas credits which it can sell to other companies
failing to meet pollution restrictions under the Kyoto protocol.
Rhodia said it could annually market between 11 and 13
million tonnes of CERS but declined to say how much the trade
could yield. Analysts have estimated the net value of these
credits to be 200 million euros or 0.3 euros a share.

CONFIDENCE
Rhodia, which makes products for cigarette filters, paints,
flavours and fragrances, car tyres and shoe soles, still expects
its 2006 core earnings margin before restructuring to exceed 13
percent and net debt to earnings to be below 3.5 percent.
Cost cuts would still amount to 114 million euros this year,
Rhodia said, while net debt was 2.53 billion euros, down 113
million from the end of June.
Rhodia had warned in September it would miss market
forecasts for core earnings before restructuring of almost 600
million euros this year after Hurricane Katrina in the United
States and floods in Switzerland had harmed its operations.
It estimated the natural disasters to have lopped off 10
million from its core earnings before restructuring in the
quarter and an equal amount in the fourth quarter.

By Lucas van Grinsven, European Technology Correspondent

BARCELONA, Nov 18 (Reuters) - French IT services provider
Capgemini is interested in acquiring Indian rivals
that will help it achieve aggressive growth targets in the
offshore outsourcing market, its chief executive said on Friday.
"It's quite tempting. We're looking, checking names. If it's
available at a reasonable price, it will be interesting," said
Paul Hermelin when asked if he was looking at Indian targets.
Europe's largest computer consultancy believes it will need
14,000 information technology (IT) staff in low-cost countries
to serve its customers by the end of 2008, up from a current
3,500, Hermelin said, adding most of those will be in India.
Earlier this year he had estimated he would need 10,000
staff in India, the name Hermelin uses to refer to all low-wage
countries where he is shifting operations.
Speaking at an investor conference organised by Morgan
Stanley, Hermelin said prices for second-tier companies with
annual sales of between 100 and 200 million euros were still
reasonable.
"If you look at (Indian) companies with revenues of between
100 and 200 million euros and double-digit EBIT (operating
profit margin), the valuation is 12 to 18 months of revenues,
which is affordable for us," he said.
A takeover of one Indian company could therefore cost up to
a maximum of 300 million euros.
The transition of jobs to lower wage countries like India,
China, Latin America and eastern Europe will affects roughly 40
percent of Capgemini's business, Hermelin said. The firm employs
more than 60,000 staff.
PROFIT TARGET IN SIGHT
Hermelin said he was confident of achieving an 8 percent
profit margin in 2008, but that it would be difficult to go much
beyond that.
Capgemini has stabilised its U.S. business and now has five
months to show its employees there that it has a profitable
future, between the November and December holidays when staff do
not leave and bonus time next year.
"The challenge will be: within five months are we getting
wins, are we a winning company? U.S. people don't stay in a
loss-making environment," Hermelin said.
In coming weeks there will be a base plan that will probably
lead to a progressive improvement of profitablity and moderate
growth in North America, he said.
"The question is do we want to add some more? That will be
the choice for the end of November, for our plans for 2006.
Growth will depend on some investment to be decided in coming
weeks," he said, adding that the market was healthier and prices
for IT services were increasing "slightly" in the U.S.
Due to heavier demand for IT services, after years of
sluggish market growth, massive lay-offs and stagnant salaries
in the sector, Hermelin now expected wage costs to increase.
"I expect in 2006 a salary increase of between 2 and 3
percent average. The market is clearly showing some signs of
warming up," he said.
Wages may rise even faster if university and college
graduates continue to shun the sector, as they recall the
lay-offs earlier in the decade.

Capgemini ups 2005 sales goal as Q3 sales rise

By Dominique Vidalon
PARIS, Nov 9 (Reuters) - Capgemini , Europe's
largest computer consultancy, raised its 2005 goal for sales
growth on Wednesday after posting a 5.5 percent rise in
third-quarter sales, slightly above forecasts.
Capgemini also unveiled a plan to bolster the margins of its
outsourcing division, which has been a strong contributor to
revenue growth, although it has suffered from the start-up cost
of several large contracts.
Despite raising its sales guidance, Capgemini shares fell 2
percent as investors focused on a modest rise in bookings and a
cautious profitability outlook for 2005.
Capgemini is now aiming for 2005 like-for-like sales growth
of near 14 percent against 12 percent previously. It kept its
full-year operating margin target at 2.9 percent.
Chief Financial Officer Nicolas Dufourcq told a news
conference that the group was "comfortable" with a market
forecast of 4.6 percent operating margin for 2006.
Revenue for the three months to Sept. 30 rose to 1.67
billion euros ($1.97 billion) from 1.59 billion a year ago. The
average forecast in a Reuters poll was 1.66 billion euros.
"All businesses are growing and outsourcing is a driving
force," Chief Executive Officer Paul Hermelin said.
The performance followed the strong showing of sector
heavyweight IBM and U.S. rival Accenture Ltd on
increased demand for consulting services in the United States.
Capgemini shares were down 2.17 percent at 31.15 euros by
1100 GMT. The stock has been trading in a tight range since
setting a year high on Oct. 4 of 33.55 euros. It has gained 34
percent since the year started.
UBS analysts said in a research note that the raised sales
guidance was in line with expectations and that the group's
bookings performance was "not that exciting".
Bookings for the third quarter totalled 1.25 billion euros,
up 1.3 percent from a year earlier.
Like-for-like sales growth was 10 percent in the quarter,
which was a slowdown from 22.1 percent growth in the second
quarter and 19.1 percent in the first.
This was because the contribution to revenue of large
outsourcing contracts like those with British Inland Revenue and
the TXU Corp sealed last year was beginning to wear off.
Outsourcing still showed the highest growth rate at 15
percent in the quarter and accounted for 39 percent of revenue.
By regions, growth was strong in Europe where revenue rose
13 percent while revenue in North America declined 1.3 percent
Capgemini, which has made a third of its sales in the United
States since it bought the Ernst & Young consultancy business in
2000, has partly suffered from cost overruns.
Hermelin confirmed the group's goal was to bring the
loss-making operations in North America to break-even in the
second half of 2005 and make them "solidly profitable" in 2006.

OUTSOURCING MARGIN RECOVERY PLAN
Capgemini also unveiled a plan to lift the operating margin
at its outsourcing division to 4 percent in 2006.
The plan, code-named MAP for Margin Acceleration Plan, will
be launched in January and could cost about 70 million euros.
It focuses on rebalancing outsourcing contracts between
large and smaller-sized deals, focusing more on mid-sized deals,
outsourcing chief Paul Spence told a news conference.
It will also seek cost-savings at 70 production sites
worldwide, speed up the outsourcing push outside North America
to India, reduce purchasing spending and the use of contractors,
and renegotiate money-losing deals.
Spence said Capgemini had identified 29 outsourcing
contracts that were still losing money out of a total 515
contracts.
Capgemini said its 2006 target of 4 percent was for the
operating margin at the outsourcing division "before common and
corporate costs," or administrative costs, and compared with a
negative margin of 0.2 percent in the first half of 2005.
Factoring in these costs, the outsourcing margin was a
negative 1.8 percent in the first half of 2005, and the target
for 2006 was 2.2 percent.

Spain's Acerinox net sinks 19%, hit by weak demand

MADRID, Nov 3 (Reuters) - Spanish stainless steel firm
Acerinox posted a 19 percent fall in nine-month net
profit on Thursday, hit by high prices of raw materials and
oversupply.
Net profit fell to 196.2 million euros ($236.6 million),
short of the average forecast in a Reuters poll of eight
analysts of 203 million euros.
Sales rose 8.8 percent to 3.26 billion euros, just below the
average forecast of 3.31 billion euros.
Acerinox said the market for its products had weakened in
the third quarter compared with previous quarters.
Stainless steel prices have fallen in Europe and the United
States because of oversupply. Several stainless steel producers
have cut output, including Acerinox rival Outokumpu ,
which at the end of last month posted a third-quarter loss and
said fourth-quarter demand was uncertain.
Acerinox, which has plants in Spain, the United States and
South Africa, said its steel production in the first nine months
of the year was 1.76 million tonnes, up 3.8 percent.
It had cut production in the third quarter by 145,000
tonnes, mainly at its South African plant.
Lower prices had been expected to hit profits at Acerinox,
one of the world's four largest stainless steel makers.
Acerinox said a fall in use of stainless steel gathered pace
in the third quarter owing to the high price of raw materials,
which had now begun to decline; high levels of stocks in all
markets; and slower growth of the world economy.
It said stocks had fallen in the latest quarter and were
expected to return to normal by the end of the year.
The market was also affected by an increase in production
capacity, mainly in China, it said.