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European shares rebound in early trade Tuesday, pending the announcement at 14:30 (Paris time) revised figures for U.S. growth in the third quarter after heavy fall the previous day, but concerns about the financial position Europe and the U.S. remain strong.

At 9:03, the CAC 40 index advance 1.37% to 2935.01 points after falling 3.41% yesterday.

The Milan Stock Exchange gained 1.35% (-4.74% Monday), the London 0.83% (-2.62% yesterday) and the place of Frankfurt 1.1% (-3.35% Monday ).

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, an increase in revenue per passenger per mile to offset the high cost of kerosene.

The first low-cost airline said he had been European virtually no impact of the decline in consumer confidence but added that traffic would fall in coming months because it had grounded 80 planes in response to high fuel prices.

"Bookings are well underway for months at a level slightly higher than the same period last year," said Howard Millar, Ryanair's chief financial officer.On its first half, earnings totaled 543.5 million euros, up 20%, while sales amounted to 2.71 billion euros.

On this six-month period, the number of passengers carried increased by 12% and rates of 13%, while costs increased by 13%, mostly in kerosene.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

Howard Millar said further that the sale of 29% stake in its competitor Ryanair's Aer Lingus would probably be more to the agenda in the coming months, since British Airways, which could be the 'prospective purchaser had bought bmi.

The Tokyo Stock Exchange ended down 0.86% Wednesday after clearing its initial gains, foreign investors still selling, especially as Fast Retailing, a title traditionally enjoyed, fell sharply after the publication by the distributor disappointing numbers.

The Nikkei lost 73.14 points to 8,382.98 and the Topix, broader, sold 9.93 points (1.35%) to 726.25.

At this level the two indices are close to the lowest reached in March after the earthquake and tsunami.

Fast Retailing finished down 4.03% after announcing that sales on a comparable basis of Uniqlo, knew fell 10.7% year on year in September.

The markets also reacted to the presentation to the United States to the new version of Apple's iPhone.

Softbank and KDDI, which will market the new Apple smartphone, finished in decreases of 4.42% and 0.9%, outweighing the disappointment after the presentation of the new general manager of the Apple brand Tim Cook .

Gross domestic product (GDP) grew by U.S. a little more than expected in the second quarter, helped by consumer spending and export growth than initially estimated, according to figures released Thursday by the Commerce Department.

The final figure for growth in the U.S. economy was revised upward for the second quarter, up 1.3% of gross domestic product.

So a return to the first estimate, which was revised down to 1.0% in late August.Analysts had expected a growth rate of GDP revised up to 1.2%.

Final sales increased 1.6% against 1.2% in the first estimate and consumer spending were revised to 0.4% to 0.7%.

The PCE price index rose 3.3% over the quarter (revised from 3.2%). Economists surveyed expected an indicator to 3.2%.

The index "core", followed closely by the Fed, rose 2.3%, its largest increase since the second quarter of 2008.The previous estimate was 2.2%.

The figures released also show an increase in corporate profits after tax of 4.3% in the second quarter, the largest increase of this statistic in a year. The increase was only 0.1% in the first quarter.

Political tensions in the United States and the impact of the debt crisis in Europe have eroded confidence and fears of a return of U.S. recession.

The cautious optimism of economists now expects a further contraction of GDP will be avoided.Production companies continue to grow because, although at a slower pace since the beginning of the recovery.

In detail, the revised figures show, in fact more of a slower growing economy as a future recession.

Export growth is better than initially estimated at 3.6% instead of 3.1%. That of imports, however, is lower at 1.4% against 1.9%.

The trade deficit is less, and trade has contributed to GDP by 0.24 percentage point.

Equity markets fell to a low of 13 months Thursday, signs of slowdown in the industrial sector in Europe and China fueling fears of recession in the wake of alarming economic outlook given by the Federal Reserve of the United States.

Faced with the loss of investor confidence, the dollar, especially U.S. Treasury bonds, have emerged as the ultimate safe haven.Gold fell to the contrary.

The MSCI world equity index fell 4.5%, which pore its losses to 16% since the beginning of the year.

The three major indexes on Wall Street fell for the fourth straight session, as volume expanded to 13 billion shares traded.

The Dow Jones lost 3.51% or 391.01 points at 10,733.83 points, while the Standard & Poor's 500, part of fund managers, fell by 3.19% or 37.20 points, to 1129.56 points, after a moment passed down the line key 1,120 points. The Nasdaq Composite has given 3.25% or 82.52 points to 2455.67 points.

The CAC 40 index fell 5.25% to 2781.68 points, in a transaction volume of 4.27 billion euros.The day ended with a loss of over 40 billion euro market capitalization only on the values ​​of the benchmark index of the Paris Bourse.

The London Stock Exchange lost 4.67%, the Frankfurt and Milan 4.96% 4.52%.The pan-European Euro Stoxx 50 index dropped 4.9%.

The Fed on Wednesday raised "significant downside risks" to the economy of the United States, before announcing an "Operation Twist" 400 billion dollars to bring down long rates, and support activity.

But Wall Street estimates that only 15% chance that the "Operation Twist" gives a real boost to the U.S. economy, according to a Reuters poll of primary dealers of Treasury.

EURO, GOLD AND OIL DOWN

Fears of a relapse of the global economy have intensified Thursday with the contraction in private sector activity observed in the eurozone and in China and in the absence of affirmative action in economic from the political leaders .

"Investors realize that one side, the economy slows down and across the developed countries like the United States and Europe have more and more difficult," said Michael Sheldon, market specialist at RDM Financial.

"As a result, investors out actions to rush on U.S. Treasury bonds, which only seem to represent security today."

In this unfavorable context for risky assets, return on German government bond (Bund) was relaxed to 10 years of nine basis points to fall to 1.68% – a new record low – and that of the French OAT ten basis points to 2.52%.

In the U.S., the yield on Treasuries of ten-year benchmark fell to 1.72%, its lowest level in at least 60 years, against 1.87% late Wednesday. The paper at age 30 has fallen below 2.8%, the lowest since January 2009.

The euro fell below 1.35 dollars, its lowest in seven months and was trading around 1.3430 / 34 vis-à-vis the ticket to Wednesday night against 1.3584.

The dollar's gains have led to the decline in raw materials. Even gold, considered a safe haven, lost nearly 5% to hit its lowest level in nearly a month because of the rising dollar.The spot gold was trading in the last place around 1737 dollars per ounce.

In fear of a recession, investors sold mainly cyclical stocks, as European car (-6.67%).

Similarly, banks, weighed down by an endless debt crisis in the euro area remain under pressure, including the French institutions. BNP Paribas lost 5.70%, 9.57% Societe Generale and Credit Agricole 9.49%. U.S. banks also lost ground. Citigroup has lost more than 6%.

Oil prices also ended sharply lower, on expectations of lower energy consumption in a recession.

The ECB president, Jean-Claude Trichet, said Saturday that the budgetary situation in the euro area was better than elsewhere. A response to criticism from the United States on the European management of the Greek crisis. The ECB President Jean-Claude Trichet reiterated, at a summit of the Eurogroup Saturday, September 17 in Wroclaw, the budget situation in the euro area was better than in other rich countries.

The Europeans responded Saturday to criticism by the United States on their management of the debt crisis, saying that the budgetary situation in the euro area was better than other major industrialized countries.Against the attack came from Jean-Claude Trichet, president of the European Central Bank (ECB), following a meeting of European finance ministers in Wroclaw, Poland.

"Taken together, the EU and the euro area are in a situation probably better than the economies of other major developed countries," he said to the press. Proof of this is: the deficit (public) of the euro area is expected to grow by about 4.5% of GDP this year, said the head of the Mint. The United States, which are struggling under a huge debt, expecting a deficit of 8.8% this year.

Disagreements over the financial tax

His comments appear as a response to statements on the eve of U.S. Treasury Secretary Timothy Geithner, who came to Poland to lecture Europeans on how to deal with the debt crisis that worries the world now. Mr.Geithner urged the euro zone to end the divisions on how to resolve this crisis, particularly between the ECB and European governments, warning against the risk "catastrophic" of disunity.

EU ministers have not enjoyed these recommendations. In contrast, Germany has suggested the United States to support the idea of ​​a tax on financial transactions, which would release the necessary funds. What the U.S. Secretary flatly refused, according to comments reported by a minister.The subject of the tax is divisive within Europe itself, since France and Germany are in favor while the British, worried about the future of the City of London, are opposed.

20,000 march against austerity

"There are significant divisions on this issue," acknowledged the Polish Finance Minister Jacek Rostowski, explaining that many states fear that a tax on financial transactions confined to the European Union "to succeed simply that transactions move outside the area. " The Belgian Finance Minister Didier Reynders, defended the tax Saturday. Failing to implement it globally, "we will do in the European Union, and if not possible, in the euro area," he said."It's a technically simple, economically viable by the financial sector, financially productive and politically correct", pleaded for its part the European Commissioner for Financial Services, Michel Barnier.

The meeting of European ministers, which began Thursday, ended on Saturday against a backdrop of protests against austerity in Europe, the appeal of the European Trade Union Confederation (ETUC). Polish police counted 20,000 demonstrators. Organizers were expecting more than 30,000. The event took place while the situation in Greece empire every day and the meeting of Wroclaw has failed to progress whatsoever on the implementation of the second aid plan in the country.

Monday teleconference between the troika and the Greek Minister of Finance

Without this rescue plan of nearly 160 billion euros, the country is threatened by a default. Mr.Reynders has predicted that the rest of the debt crisis in Europe would last for "one or two years" and that a legal guardianship of Greece – already well underway – will probably be necessary. The file blocking Greek in particular the requirement Finnish financial guarantees in exchange for new loans. "We negotiate continuously, but there is nothing new for now," said Saturday the Finnish Minister of Finance, Jutta Urpilainen.

Another source of uncertainty, the troika of donors of Greece (EU, IMF, ECB) does not return date in the Greek capital, while its presence in Athens was announced for those days.It must decide the payment of an installment loan of 8 billion euros, which is essential for financial survival of the country, according to the efforts of the Greek government.

The finance minister, Evangelos Venizelos, but officials said Saturday that the troika would meet with him Monday via teleconference. Greek Prime Minister George Papandreou has also postponed a scheduled visit to New York, "because next week is particularly crucial" for the implementation of European decisions on the Greek crisis.

The ounce of gold has risen to 1921.17 dollars. The precious metal is more than ever its safe haven role in the crisis.

The gold price broke a new record high Tuesday, rising to 1,921.17 dollars per ounce to 6:15 GMT, more than ever playing its role as a safe haven when markets are again in turmoil. Its previous record high was recorded on August 23, to 1913.50 dollars per ounce.

Gold jumped $ 90 in less than three days, boosted particularly by the disappointing figures on employment in the United States, which have strengthened concerns about the strength of the world's largest economy and stock markets plunged.

"Insurance against uncertainty"

Renewed concern about sovereign debt in the eurozone and the strength of European banks also helped drive up the price, analysts noted."Faced with a scenario back in recession (the United States and Europe), gold should strengthen its attractiveness to investors and is seen as a form of insurance against the continuing uncertainty" in the economic environment has Robin reminded Bhar, analyst at Credit Agricole.

The yellow metal, whose intrinsic value is backed by any issuer, is considered a good shield against the volatility of the stock exchanges, currencies and bonds.

DIA, the company split from discount stores with Carrefour, reported Tuesday a 10% increase in underlying profits in the first half, strong growth in emerging markets offsetting difficulties in its main markets of France and Spain.

The Spanish group, which made its IPO last month, has reported a gross operating profit (EBITDA) of 233.8 million euros.

The eight analysts polled by Reuters expected a profit of between 217 and 236 million euros.

The action DIA opened up 3.18% to about 2.73 euros.

The stock fell nearly 23% since the IPO of 5 July, amid fears about consumer spending in Spain, France and Portugal, where the group achieved in 2010 over three quarters of its sales.

Sales of DIA, which operates over 6,400 stores in eight countries, emerged up 2.5% to 4.79 billion euros in the first half.

Sales at stores open at least a year jumped 14.4% in emerging markets and increased 0.2% in Spain and Portugal, offsetting a decline of 6.4% in France.

The EBITDA margin increased 30 basis points to 4.9%.

The group said it maintained its full-year, which increased sales by 4% and an increase of 6.5% of adjusted earnings.

Carrefour, the first European distributor, launched last month a warning on its earnings because of its poor performance in France. It must publish its interim results on Wednesday morning.

M6 is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

The television group has published a consolidated revenue down 3.0% in the first half, despite a 5.3% increase in advertising revenue from the M6 ​​over the period, impacted by the difficulties of its diversification activities, including football club Bordeaux.

"In regard to diversification, and off Girondins (…) Normally there should be an improvement in the second half in the various business segments, "said Jerome Lefébure in an interview with Reuters on the occasion of the publication of interim results of the group.

He, however, that caution is the face of uncertainties about the economy, particularly in regard to the French household consumption in September.

Asked about trends in advertising spending in the third quarter, Jerome Lefebure said that visibility was limited as in previous quarters.

"We have no clear vision on the market to date," he said.

Chief Financial Officer M6 also said the group studied several issues related to the acquisition but be selective.

Bulgari, being acquired by LVMH the French, reported Monday a net profit in the first half and confirmed the offer price of the French group.

The Italian jeweler posted a net profit of 9.1 million euros against a loss of 7.7 million in the first half of 2010.

Turnover appears to 548 million euros, up 23.3% at constant exchange rates.

Bulgari said that its board of directors has confirmed the fairness of the price of 12.25 euros per share offered by Bulgari

LVMH.

According to a report Sunday, the Italian stock market is considering a complaint from an investment fund over the price offered by LVMH.