"It is a potential way to drive data traffic up, " said Michael Kovacocy, analyst with Daiwa Institute of Research.

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"BT is the stand-out performer today, " said Michael Kovacocy, a European telecoms analyst at the Daiwa Institute of Research in London.

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Deutsche Telekom would be selling at the bottom if it were to do a deal with Vodafone now, said telecoms analyst Michael Kovacocy of Daiwa Institute of Research, Europe.

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"The price of the yuan appreciation so far has been just too moderate and the trade surplus is related to structural problems, " said Xiao Minjie, an economist with Daiwa Institute of Research.

BBC: NEWS | Business | China trade surplus at new high

The Nikkei article cites calculations by Daiwa Research Institute of household disposable income.

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