Last month's attacks in the US continued to send shock waves through European stock markets. Yesterday media shares were struggling after McGraw-Hill, the US publisher, said it would miss its earnings forecasts, blaming the events of September 11th.

Dutch publishers VNU and Elsevier took the news badly. VNU, publisher of trade journals, had already lost 10 per cent since September 11. Yesterday it fell 9 per cent to €27, taking it to its lowest level since October 1998. Elsevier, whose titles include Hollywood trade paper Variety, fell 7.4 per cent to €11.90.

Another Dutch group, the legal and professional publisher Wolters Kluwer, fell 1.6 per cent to €23.71. Vivendi Universal, Europe's leading listed media company, fell 1.1 per cent to €49. Vivendi also has a half stake in mobile operator SFR, which yesterday agreed to free up payment for its French UMTS licence, which it had been withholding.

Meanwhile Havas, the world's fifth biggest advertising company, reported first half results well under the lowest forecasts and cut its target for operating margin this year. It said the size and speed of the advertising downturn was unprecedented. The shares fell 12.5 per cent to €5.69, while French advertising peer Publicis was off 1.8 per cent at €17.08.

Switzerland's big two banks remained under pressure as investors continued to be wary over the exposure of CS Group and UBS to the cash-strapped Swissair, one day after they salvaged parts of the business.News that Belgium might widen a suit against Swissair to include CS Group and UBS added to the pressure on the stocks.CS Group, fell a further 4.5 per cent at SFr51.65. UBS lost 1.9 per cent to SFr73, adding to Monday's 1.6 per cent fall.

Under the deal, the banks will buy Swissair's 70 per cent stake in regional carrier Crossair for SFr260m as part of a SFr1.36bn emergency package designed to ensure the survival of a smaller Swiss flag carrier. Much of the rest of the group will file for creditor protection.