The growth of gross domestic product (GDP) was U.S. lowered the third quarter to 2.0% annualized, according to the second estimate published Tuesday.

These figures are "in line with the general economic malaise that we see in the world," said Michael Mullaney of Fiduciary Trust.

In early trade, the Dow yielded 0.24% to 11,519.15 points.

The European Commission Wednesday will propose the creation of eurobonds, a system seen by its promoters as a means of achieving sustainable solutions to the debt crisis, but that divides Europeans and has as its corollary a strengthening of fiscal discipline. In a "Green Paper" seen by AFP, the European Commission considers that this pooling of borrowing countries in the euro area could "rapidly reduce" the current crisis.

The first airline to European low-cost, which reported a quarterly taxable income above expectations, said not having seen virtually no impact of the decline in consumer confidence.

The Irish company added, however, she anticipated a decline in traffic in the coming months due to his decision to nail to the ground some aircraft in response to the high cost of kerosene.

Of the three months to September, the taxable income stood at 404 million euros against an average forecast of six analysts polled by Reuters de393 million.

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

The German Finance Minister Wolfgang Schäuble, who warned Monday that the European Summit of October 23 would not produce a definitive solution to the debt crisis in the eurozone, has dampened the enthusiasm in the marketplace.

Around 16:30, the CAC 40 and Eurostoxx 50, which is still evolving in the green in the morning after a G20 finance considered rather promising Saturday, both lost about 1.6% as a result of these statements.

Noting that the increase of over 12% in 10 days is largely based on hopes and was made in limited volumes, leaving the door open to great disappointment when announcements, investors do not exclude relapse of the markets in the coming weeks.

"The meeting of G20 finance ministers this weekend confirmed the hopes of the market for the rapid implementation of a plan to end the crisis", says Franklin Pichard, director of Barclays Bourse France.

"Politicians have no room for error in communication.The slightest disappointment lead to a violent reaction to the decline in equity markets. "

Buyers expect the ads to be made after the G20 summit on 3 and 4 November in Cannes: strengthening the capacity of the European Financial Stability Fund (EFSF), bank recapitalization European responses to the financial situation worse than expected from Greece and reform of European governance.

"Although we have a constructive long-term vision of the evolution of sovereign risk in the euro zone, the political difficulties to be expected before reaching a final solution we ensure that the road is bumpy markets," said BNP, however, Paribas Investment Partners.

The management group, which benefited from the rebound to move to underweight on equities, does not "further price drops, as we had this summer seem possible."

ING Investment Management also remains on the defensive, a position with "underweight" on the stock markets in Europe, as well as financial and cyclical stocks.

His actions strategist Patrick Moonen is especially before the uncertainties not only about the size of the bank recapitalization program, but also on the quarterly results, which could also disappointed with the economic slowdown and exchange rate volatility.

"The month of October started a rally based on hopes (…) and positions, but few facts," he said.

Strategists market rate of Societe Generale also believe that "the latest developments are a supporting factor for the risk appetite, although the markets think differently this time."

CONSOLIDATION AT THE OPTION OF ADVERTISING

Investors are more reserved vis-à-vis the commitment shown by Saturday the finance ministers of the G20 to support and rebalance the global economy – with a fiscal consolidation in advanced countries and support for domestic consumption in emerging markets.

"If these promises are interesting, they are very similar to previous ones.There are many positive intentions but little detail on implementation, with the exception of Europeans advancing at a rapid pace, "said François Duhen, strategist at CM-CIC Securities.

From the graphical point of view, analysts estimate that the CAC 40 should stumble on key areas of resistance around 3280-3300 points, then from 3450 to 3500 points, and the Eurostoxx 50 on the area of ​​2450-2460 points.

"The movements (up to last week) could be extended a little longer, but we expect corrections, or at least consolidation in the coming days," said Valerie Gastaldy, Analyst Day By Day.

Alexandre Le Drogoff, Aurel BGC, agrees that current levels of the market should be the starting point for a correction, to a resistance threshold of 3.060 points for the CAC 40 and 2230 points for the Eurostoxx 50 … unless it announces a new downtrend.

"I see the French market up against the 3280-3300 and consolidate the liking of ads before leaving, especially since we do not see a buying spree at the moment. It's going a little too fast. This is probably not sustainable, "said Frederic Rozier, manager at Meeschaert Private.

However, despite the dismantling forced Dexia, some speakers stressed that the "worst is over", confident in the ability of policies to avoid a systemic crisis as in 2008, after the bankruptcy of Lehman Brothers.

At 3:35 p.m., title, suspended since last Thursday, was spent in the green and gained 8.52% to 0.900 euro, in a volume of about 22 million pieces, after resuming its listing to 2:38 p.m. on a loss of 29% and have dropped to more than 36%.

Before the suspension, the share price to 0.845 Euro.

With speculation about his difficulties, Dexia saw its stock drop about 45% since September 28 – session that followed a board in which had been considered the possibilities of strengthening the Group's balance sheet.

This represents a $ 1.3 billion market capitalization that has vanished in a dozen days.

Monday morning, after a board of about noon, the bank approved the nationalization of the Belgian operations, and the principle of a sale of the Luxembourg subsidiary and backing activities financing of local authorities in French Caisse des Depots (CDC).

The Nasdaq Composite Index was up 46.31 points for his side (1.83%) to 2506.82.

Pascal Durand, spokesman for the European Greens-Ecology (EELV), on Wednesday asked for the repeal of the 64 oil exploration permits in force in France, ironically on the cancellation "surmédiatisée" permit for three gas shale by Nicolas Sarkozy. The head of state said Tuesday, in a speech in Alès (Gard), there would be "no exploitation of shale gas in hydraulic fracturing" in the south of France, as Government had announced the previous day.

"As it stands, clearly we must stop all" even permits aiming of conventional oil or gas, and not just the gas and oil shale and other unconventional gas, told AFP M . Durand. The repeal of all permits would mean the abandonment of all the research for oil and gas in France, including the coast of Guyana where just made a discovery.

Of the 64 permits currently in force in France, 49 relate to conventional oil and gas, and 15 concern the so-called non-conventional oil: the three that will be canceled in the shale, four for oil shale and the eight coal gas, according to the Department of Energy.Yet according to the Government for 61 permit still valid, "the owners have no plans to search for gas and oil shale or have renounced to be limited to conventional fields." On coal gas, the holders have waived all hydraulic fracturing, which is prohibited by law.

But according to Mr. Durand, the holders of licenses, even those who say the conventional target, may have other purposes. "(…) It is likely that there are fictitious applications," he said. "So there is a real danger, it is not at all reassured about the nature of the current permit. We must allow time to investigate and verify," he argued.

Hypothesis rejected at the Ministry: "We can not do anything quietly, either a conventional drilling or a fortiori of hydraulic fracturing.There are statements of work and there is a prefecture government control anyway so it's not possible to do so in secret. "" All the less the sly as hydraulic fracturing, these are very heavy interventions ", argued an expert from Bercy AFP. Mr. Smith nevertheless praised the cancellation of three licenses," illustrates the need for citizen mobilization "and" fieldwork associations " . But "it is far from won," he said.

"As we make decisions as difficult and because the Greek people assume sacrifices as important, the sixth installment (aid) is provided," he said, dismissing the prospect of a default of Greece on its debt.

"Any discussion of a default (of payment) is either naive, (…) is dangerous," said the great financier whose remarks were published Saturday.

The Standard and Poor's (S & P), which downgraded the sovereign rating of Italy, on Tuesday rejected accusations by the Italian Government and was told that his assessment was "apolitical". "The sovereign ratings by S & P ratings are apolitical," based on the evolution of "credit risk, provided to investors," insisted the agency in a statement released in Italy.

S & P ensures that its evaluation is based "on independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt (as has been amply illustrated in published reports).""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," he told the agency.

On the night of Monday to Tuesday, Standard and Poor's downgraded by one notch to A + against A note of Italy due to low growth prospects and the "fragility of the ruling coalition." And pinned, the government has denounced a decision in a statement "more driven" by media reports as "the reality of things" and "distorted by political considerations."

"The message is simple: despite significant support measures, a healthy economic recovery is no longer a distant dream," said Stephen King, chief economist of the bank, said in a statement.

HSBC is the first major bank to be more pessimistic about the global outlook.

She sees the United States to grow by 1.6% in 2011 and 1.7% in 2012 against previous projections of 2.5% and 2.9%.

Growth in the euro area is estimated at 1.6% this year and 0.7% respectively in 2012 against 2.0% and 1.4% previously.

HSBC has confirmed its forecast of a 0.6% contraction of the Japanese economy this year and then a rebound of 2.4% in 2012. According to the bank, China will this year show a gross domestic product (GDP) up 8.9% in 2011 by 8.6% in 2012.