Just maybe the French economy has not bottomed. Industrial confidence declined to 85 in October, the lowest read since August 2009. European shares are at session lows, the Stoxx 50 -1.4% in what seems to be a continuation of yesterday's selling - cut short by a furious late rally in the U.S. The euro -0.4% to $1.3000. Spain: Downgrades, and missed targets, but that's not news.