On the other hand, some of the initial ebb would be offset by foreign inflows.

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Volumes were buoyed by the sales of Nokia's low-end dual-SIM models in emerging markets like Southeast Asia, but were a little soft overall, as initial shipments of Microsoft Lumia phones could not offset declining Symbian sales.

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But, the initial signs are that the gains will also be largely offset by the loss of Champions League revenue next season.

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This decline in revenues related to the F-22 program was partially offset by increased production volume of F-35s under the low rate initial production contracts.

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At EM, although overall sales were relatively in line with initial expectations, the lower-margin Asia business had a stronger than expected quarter, which was offset by a pronounced slowdown in the Americas region.

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