Western Europe – Mkts on the downside, following indecisive close on Wall Street and de-facto profit warning from Philips Electronics and SAP AG. CEO of Phillips said that falling USD and stagnant economies pose a serious threat to its revenues. On the other side, the company still sees profit in the semiconductor division in Q4 and profit for the whole company in 2003. SAP AG let the markets know that it sees "some" pickup in markets in H2 of 2003 while having to fight serious price comptetition. Some manufacturers are actually offering rebates of up to 90%. Shrs of Philips El. lose 2.5% while SAP AG falls 1%.