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The Polish Minister for Finance said that the ECB should act as lender of last resort to fragile countries "to ensure stability in the euro area, its mandate". A position that faces the reluctance of the institution and Germany. ECB

The Polish Minister of Finance ruled Monday that the Europeans had a choice between "a massive intervention of the ECB" to save the euro area, "the catastrophe" of a "historic economic disaster," in an interview with the Frankfurter Allgemeine Zeitung. "The dangers of contamination are now greater than ever, and the money we need to stop them have grown because we have not acted quickly enough," said Jacek Rostowski everyday German. The implementation of the stabilization fund financial EFSF long overdue for its role as a firewall and the ECB must act now, "to ensure stability in the euro area, its mandate".

"We are faced with a choice horrible. In order of horrors, the alternative is: either a massive intervention by the ECB or the catastrophe," he said. The minister, who in September had raised the risk of armed conflict in Europe if the euro crisis would lead to the collapse of the EU, in a speech to dramatic accents to the European Parliament in Strasbourg, s' Monday is called "less reassured" after two months. "The risk is that of a historic economic disaster like the Great Depression of the 1930s, lead to the final of Europe in war," he added.

The European Central Bank (ECB) refuses to act as lender of last resort of the European states by buying an unlimited sovereign bonds, as it acquires dropper and on the secondary market.

On the eve of crucial European summit must agree on strengthening the EFSF, rumors are going well. The scenario of the report shook the stock markets. The trading floor in Frankfurt

According to information from the daily Die Welt, Germany could request that the date of the scheduled EU summit be postponed Sunday. Significant differences remain in effect for the implementation, especially the status of the EFSF "reinforced". A European diplomat had already emphasized this point of contention with the AFP in the morning.

The silence of Angela Merkel and Nicolas Sarkozy after their meeting Wednesday Express is not a good sign according to some analysts.

The summit, originally scheduled October 17, has already been postponed once.But several senior sources directly involved in the preparation and organization of the EU summit on Sunday, said on Thursday told Reuters not be aware of any proposed postponement of the meeting.

Another fear of the markets, they are trying to learn more about a paper on the EFSF, obtained by news agencies and that the European fund would be used as a last resort to recapitalize banks after the stress shareholders, private investors and governments.

Markets nervous

In this waiting period, nervousness is being felt in markets. Losses CAC40 who had reduced to just 0.5% to double and even more since the French values ​​now fall -1.35% to 15h.

European markets were down -1.1% on average (such as Madrid and Milan), but Frankfurt falls of -1.5%.

European shares ended down Thursday after three sessions in a row to rebound in the wake of Wall Street, where the departure of Executive Steve Jobs of Apple weighs on the coast.

The CAC 40 index finished down 0.65% at 3,119 points, after gaining 1.6% up in volumes that have accelerated shortly after the opening of Wall Street to finish at a level of 102% of their average last three months.

Other European stock markets, London has lost 1.44% and 0.25% Milan. Victims of several rumors, including one referring to a general ban on short sales in Germany denied by Berlin, Frankfurt fell 1.71%.The pan-European Euro Stoxx 50 index yielded 0.98% after opening up 0.6%.

On Wall Street, the S & P 500, Dow Jones and Nasdaq lost 1.1 to 1.2% at 6:17 p.m..

"The market plays to be afraid before Bernanke's speech tomorrow.The question is whether the Fed chairman will have the means to announce something solid while the United States are in a liquidity trap, "said Yves Marc, seller actions at Global Equities.

ADJUSTMENT SHOULD CONTINUE TO BACK

As for values, the bank (0.58%), the only growing sector, have benefited from the investment of $ 5 billion (3.5 billion) of Berkshire Hathaway in Bank of America.

This investment could be the harbinger of a more massive return of investors to the market this autumn, says Fabrice Cousté, CEO of CMC Markets France.

In Paris, Crédit Agricole jumped 4.81%, moving up and the top 40 increases in the ACC after publishing quarterly results better than expected, loads of Greece finally being advanced by less important.

"The adjustment of the markets continues and it seems likely that this adjustment continues in the fall," warned in a note Philippe Mimran, head of securities at managements UFG-LFP.

"The bond markets have clearly voted for a depressed economy, with real rates marginally positive German and American frankly negative," he adds.

The downturn in equity markets was also reflected in the yields of bonds rated.The performance of the 10-year German Bund dropped below the 2.2% to 2.179% against 2.188% yesterday.

That of the French OAT with the same maturity has returned around 2.86% after flirting with 2.95% in session, following the announcement of measures to improve public finances by the Prime Minister, François Fillon.

Fifteen years after an initial gain of almost 19 million francs, a Lotto player has done it again. He comes to pocket three million euros. The Lottery is gambling favorite of the French.

Same player plays again and … wins again! At fifteen years apart, he has twice pocketed three million euros in the lottery. This rare winner, who plays the game since its inception in 1976, this time it will "ensure a legacy for her two children."

"I have a lucky star," admitted on Wednesday the winner after receiving an anonymous check for 373.50 euros in 3001 the French Games (FDJ). He was the only one to check the six correct numbers of the Lotto draw on July 27. A very lucky winner even if the JDF identifies some cases identical. Each player Lotto (2 bet euros minimum) in fact has a chance in 19 million to find the right six numbers to win the pot.But the JDF has calculated that the same player now has a chance in 363 billion (000 billion or 363) to find twice the six correct numbers.

On a quiet, head of the Hérault has provided "very happy" but he welcomes the new gain "with much calm and serenity", "makes him less of an effect than the first." The fifties "in the industry," said he had invested his first win in April 1996 (18 818 305 francs, the equivalent of 2.86 million euros, according to its own calculations) in "business". He intends to use this new gain of slightly more than 3 million "to ensure a legacy to her two children."

He told playing a thousand euros each month with "multiple grids on several different grids."

Not the first case of double blow

This double gain in several years apart remember other cases identified by the FDJ.So Christian and his family have shared 1.5 million euros in 2005, received 28 years after 137,000 euros. Jean (2 million in both 1994 and 1997), took the opportunity to travel a lot and spoil his entourage. In 1992, Roland took home 675,000 euros and seven years later than 7 million. Luck had smiled for the first time five years ago to Martine. A subtle joy because the young woman was not the only one who found the six correct numbers and then she had touched "as 120,000 euros." In 2009, this time, she was the only one who checked the six correct numbers, an increase of 3 million euros.

Finally, 20 years ago, Andrew won a first time Loto Sportif two million francs (300,000 euros). On November 7, 2010, he is about playing with horse racing earned 10 euros to the Euro Millions.The terminal of gaming ARPU is down, it falls back to a Flash (the machine chooses the numbers in place of the player) and the lottery went on a cruise with friends. At the airport, he bought the Progress of Lyon but opens several days after the boat to discover that he has won nine million euros.

Gambling favorite of the French, the Lottery in May 2011 became the first game of the JDF to Rapido and Euro Million. In 2010, the Lottery had achieved a turnover of 1.5 billion euros on 10.5 billion euros in turnover in the JDF.

Global stock markets dive back Thursday after several sessions of relative calm, rising fears of a global economic relapse accentuating aversion to risky assets and the "flight to quality".

In this context, also marked by the sovereign debt crisis, the safe havens like government bonds offer the best signature (U.S. Treasuries and German Bunds) or gold, multiply the record as is a succession of bad news .

"It puts money under the mattress.It no longer seeks the return but the absolute safety record even if out of stock losses, "said Alexandre Baradez, market analyst at Saxo Bank.

In Europe, the European stock markets saw another black day and extremely volatile, Morgan Stanley has set fire to the powder at the beginning of the session after reducing its forecast for global growth for 2011 and 2012, and fears about the liquidity of banks had increased.

In a note, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead of 4 5%.

Sealed by the values ​​of automobiles (-7.4%), the construction sector (-7.1%) and banks (-6.7%), the CAC 40 index finished in fall of 5.5% EuroStoxx 50 and has dropped 5.3%.Implied volatility index jumped pan 34.6%.

ON THE BUBBLE OR

In New York, the S & P 500 drops 4% to 6:45 p.m. ET the CBOE volatility index, also known as the "fear index", is up 29%.

The president of the New York Fed had to ensure that the Federal Reserve deal the same way the U.S. and European banks after a Wall Street Journal who raised an intensified investigation of the Fed on the subsidiaries of European banks to the States United for fear of a contagion of debt.

"We will find asset classes with security even if they do not report anything like gold, which explains the records recorded regularly by the metal end," said Alexandre Baradez, referring to the new record registered by the Gold 1825.99 dollars an ounce.

Valerie Gastaldy, an analyst at Day By Day graphics, warned in a note that a bubble is also trying to form on gold.

"Gold is the star of the summer, with new regular summits and soon the psychological threshold of $ 2,000" an ounce, said she. "We note an acceleration of the uptrend and into bubble.The objective of the current movement is between 2,060 and 2,080 dollars, "

In turn, the futures contract on the German Bund to 10 years, part of the euro zone, reached a record high at 136.26, or 211 basis points more than the end of the day, after announcement of an index of business conditions from the Federal Reserve of Philadelphia fell to its lowest level since March 2009.

Similarly, the yield on 10-year U.S. Treasuries rose for the first time below the threshold of 2% to 1.976%, before rising to 2.09%.

Down time due to possible liquidity injections from the Swiss National Bank raised by traders, the Swiss franc, seen as another safe haven, now earns 0.6% against the euro at 1.1318 francs to one euro. The euro has evolved in a range between 1.1241 and 1.1510 francs.

The President of the European Central Bank Jean-Claude Trichet wants a decision this Sunday on the redemption of bonds by the ECB Italian officials said a source close to the institution.

A conference call of the ECB is expected in the afternoon.No communication is scheduled at the end of the meeting, they added the same source.

Thursday the ECB has reactivated its share repurchase program of sovereign debt in order to calm soaring interest rates of some countries in the euro area bond markets but has so far bought only small quantities of Irish debt and Portuguese, while speculation is focused on Italy and Spain.

If the decision to intervene is taken, the ECB and national central banks will begin to redeem bonds at market opening Monday, it was even said.

Wall Street opened Monday's session down as investors worried about the stalled negotiations on the U.S. budget, a few days of the date by which Washington could face a default situation.

The elected Democrats and Republicans in Congress have failed to agree on a compromise and decided to work separately on separate projects.

A few minutes after the start of trading, the Dow Jones yielded 0.84% ​​to 12,574.56 points, the Standard & Poor's 500 index 0.84% ​​to 1333.72 points and the Nasdaq Composite 0.87% to 2834.04 points.

On the values ​​front, the title Kimberly-Clark fell by 0.4%.The manufacturer of tissue paper announced that its earnings per share for the year could end up in the bottom of the expected range.

Research In Motion lost 1.66% after its comprehensive cost optimization program, which includes 2,000 job cuts.

Philips on Monday announced an unexpected loss of 1.345 billion euros in the second quarter, attributed to lower growth than expected and exceptional charges, and a plan to save 500 million euros.

The Dutch conglomerate had announced in late June that it expected a strong decrease in its second quarter results, while warning that caused a fall in the title.

Philips said in a statement having spent a provision of EUR 1.4 billion for impairment of assets on its lighting business and health.

The group warned last month that its second quarter results would be much lower than the previous one, with a slowdown in sales growth in lighting and consumer devices.

"It's generally a signal that consumers do not really head out of the water," said Hans Slob, an analyst at Rabobank.

Philips is the world's leading lights, one of three leading global medical equipment and the leading European producer of electronic devices.

The announcement of this loss takes the market by surprise, who expected a profit of 72.8 million for the second quarter.The group made a loss from operations (EBIT) of 1.123 billion euros (against a profit of 180 million expected) based on 5.2 billion in revenue (5.213 billion expected by the consensus).

Dutch electronics company has also announced a share buyback of two billion euros and a cost reduction plan which should enable it to achieve 500 million euros in savings.

The group announced build by 2013 a growth in turnover of about 4 to 6% – based on an average growth of GDP of 3-4% per year – with a margin EBITA of between 10-12% and return on invested capital of 12-14%.

CEO Frans van Houten said on CNBC that the stock repurchase program gave him enough financial margin to carry out targeted acquisitions and had no plans to close factories.

Shortly after 12:30, the title fell by 1.01% to 17.19 euros.

The group Total SA said Tuesday opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.

Only a few French multinationals are using this system, which integrates in taxable income results in France (and therefore the potential deficit) of foreign subsidiaries under their control. This "niche" tax is regularly called into question because it would allow them to pay less tax.

In an interview published on the site of Les Echos, the financial director of the oil company argued that this system has no benefit for the group since its only loss-making French operations are today.

"The BMC can be charged in France for losses incurred abroad.But insofar as we record losses in France, we do not pay corporate taxes in France, "observes Patrick of Chevardière.

"The refining business has been in deficit since 2008, amounting to almost 600 million euros last year.The last time the regime of worldwide profits had a positive impact on our taxes, it was in 2001, "he says.

The ability to waive this system had already been mentioned the last weekend by the CEO of Total, Christophe de Margerie.

The group has repeatedly reminded, however, he brought some 800 million euros in tax revenues to France, notably through the withholding tax on dividends, business tax, property taxes.

The airline Thai Airways International announced Monday it had approved the purchase of 37 new aircraft to 118.6 billion baht (3.9 billion euros) over the period 2011-2017.

Fifteen of these aircraft will be purchased for $ 49.5 billion baht, while the remaining 22 will be acquired through a leasing agreement for about 69 billion baht.

The command, as expected, was split between Boeing aircraft with 14 lines 777 and 787, and Airbus, with 23 series units 350 and 320.

Lot of fifteen units will include six Boeing 777-300ER will be delivered between 2014 and 2015, four Airbus 350-900 delivered between 2016 and 2017, and five Airbus 320-200 delivered between 2014 and 2015.

Thai Airways also plans to buy leased to International Lease Finance Corporation, six Boeing 787-8 delivered between 2014 and 2015, and two Boeing 787-9 delivered in 2017.

Six A350-900 delivered between 2016 and 2017 will be leased to Aviation Lease and Finance and two other CIT Aerospace International.

Finally, six A320-200s will be leased to RBS Aerospace Limited from 2012-2013.

These 22 orders leasing will be spread over twelve years.

Thai Air is valued at 2.1 billion, and belongs to the Thai state to 51%.