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The U.S. dollar is again the focus of concern in the markets - it's hit record lows against the euro with growing worries about the state of the U.S. economy. Nonetheless European shares rose in early trade as nervous investors took refuge in defensive stocks such as pharmaceuticals. But credit and economic worries remain, dragging down financial and mining stocks. But firms' planning has been dogged by uncertainty over oil prices, which are settling at xxx after reaching a record high just shy of 100 dollars per barrel on Wednesday. . German economic growth rebounded in the third quarter buoyed by domestic demand, but high oil prices and a strong euro put firms on the defensive, and the pace of expansion is slowing. On the year the economy grew by 2.4 percent in the third quarter. One company not letting the surging oil prices keep them down is Air France KLM . The world's biggest airline posted stronger-than expected results, with quarterly profits jumping 28 percent to 725 million euros. Profits were powered by strong demand, especially on longer routes and fuel surcharges buffered the airline from soaring oil prices and shares jumped 13 percent on the news. So they will be happy to hear that the British government has unveiled plans for a third runway and sixth terminal for Heathrow which they say is vital to keep up with demand at one of the world's busiest airport. // In Europe, markets were looking for direction with the U.S. closed for the Thanksgiving holiday. The Euro First 300 was up after seesaw trading. The benchmark index has fallen over 11 percent since hitting a record high in July, as the subprime mortgae crisis in the U.S.A. takes its toll. Concerns the U.S. economy might slide into as recession prompted investors to move out of risky stocks and into more defensive ones such as pharmaceuticals, telecoms and utilities. The DJ StoxxEuropean healthcare index <.SXDP> rose 2.1 percent, with index heavyweights Novartis GlaxoSmithKline and Roche all climbing. Mining shares such as Xstrata BHP Billiton and Anglo American fell as industrial metals suffered from fears that weaker economic growth will cut demand. /// And finally it's the woes of the England football team that is the talk in city of London - the teams exit from Euro 2008 is estimated to have cost the UK economy an estimated 1.5 billion pounds ranging from advertising to pizzas. Even the stock market suffered England's 3:2 defeat by Croatia. Shares in Britain's sporting goods retailers slumped, led by sector leader Sports Direct on fears that England's failure to qualify will hit sales of replica kits. Stefanie McIntyre, Reuters COMPANIES MENTIONED: SYMBOLS: