ETX Capital -From The Floor is a daily briefing and global market report to keep you informed as you trade

1. From The Floor
11 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets dipped on Thursday, led by a decline in banking and mining
FTSE 100 5,444.8  -0.3% -1.8% 0.8% -6.4% sector stocks, amid a surge in French bond yields. Among mining stocks,
DJSTOXX 50 2,244.9  -0.4% -2.6% -0.4% -13.5% Vedanta Resources, the top laggard on the FTSE 100 index, slumped 9.5%,
FTSEurofirst 300 963.6  -0.3% -2.7% 0.0% -13.2% after its first-half profit nosedived 92.0%, while Rio Tinto and Antofagasta
German DAX 30 5,867.8  0.7% -4.3% 0.4% -12.7%
slipped 1.9% and 2.2%, respectively, tracking a fall in base metal prices.
French CAC 40 3,064.8  -0.3% -4.1% -3.1% -21.2%
Randgold Resources dropped 4.0%, as gold prices lost ground. Admiral
Russia RTS Index 1,529.7  1.1% -0.8% 12.0% -6.6%
S&P 500 1,239.7  0.9% -1.7% 3.8% 1.7%
Group extended its losses, falling 7.6%, after Deutsche Bank downgraded
Dow Jones Industrials 11,893.8  1.0% -1.3% 4.0% 4.7%
the stock to “Hold” from “Buy”. Among banking stocks, HSBC continued its
Nasdaq Composite 2,625.2  0.1% -2.7% 2.3% 1.8% decline, sliding 1.9% in the wake of a sharp drop in its underlying profit.
Brazil Bovespa 57,321.8  -0.4% -1.5% 7.6% -20.0% Barclays and Lloyds Banking Group lost 1.2% and 1.3%, respectively. Fund
Nikkei 225* 8,542.9  0.5% -1.6% -1.2% -13.5% manager, Schroders retreated 2.6%, after its assets under management
Shanghai Composite* 2,494.4  0.6% -1.1% 5.7% -20.4% dropped 11.0% in the third quarter. Peer, Hargreaves Lansdown lost 2.6%.
Sensex* 17,201.2  -0.9% -0.7% 4.9% -16.8% Engineering firm, Meggitt declined 4.3%, following a downgrade to
*Time - BST 6:04:03 AM “Neutral” from “Buy” at Citigroup. FTSE 100 edged down 0.3% to close at
5,444.8. FTSE 250 slid 0.8% to settle at 10,187.4.
5,510
European Market Snapshot
5,475  Other European markets ended mostly lower yesterday, as the European
Commission slashed its forecast for eurozone GDP, and after a surge in
5,440 French bond yields. Credit Agricole, dropped 2.3%, after it reported a 65.0%
drop in third-quarter profit. Airline major, Air France-KLM, fell 5.0%, after it
5,405 issued a profit warning. Chemical manufacturer, K+S, declined 4.7%, after it
trimmed its outlook for sales and profit. Daimler eased 1.1%, following its
5,370 announcement to sell a 7.5% stake in EADS to the German government.
8:00 9:45 11:30 13:15 15:00 16:35 Utilities, EON and RWE, rose 4.1% and 2.5%, respectively, after the latter
reaffirmed its 2011 outlook. Deutsche Telekom climbed 3.7%, after its third-
quarter earnings surpassed market expectations. EADS surged 4.8%, after it
11,960
raised its earnings estimates. FTSEurofirst 300 index declined 0.3% or 2.6
points to 963.6. German DAX Xetra 30 advanced 0.7% or 38.3 points to end
11,910
at 5,867.8. French CAC-40 dropped 0.3% or 10.3 points to settle at 3,064.8.
11,860 US Market Snapshot
 US markets closed higher yesterday, after weekly jobless claims fell to a
11,810
seven-month low, and as worries over the contagion risk ebbed. Media
major, Viacom, the top gainer on the S&P 500 index, rose 8.2%, after it
11,760
9:30 10:45 12:00 13:15 14:30 15:45
reported fourth-quarter profit and revenue that beat analysts‟ estimates,
and augmented its share repurchase programme by $6 billion. Retailer,
Kohl's gained 2.0%, after it lifted its full year profit outlook. Drug maker,
Merck climbed 3.5%, after it increased its quarterly dividend for the first time
8,560
in seven years by 11.0%. Technology bellwether firm, Cisco jumped 5.7% and
emerged as the biggest gainer on the DJIA index, after it gave an upbeat
8,540
outlook for the current quarter. Wireless service provider, Sprint Nextel
gained 3.7%, amid news of a surge in subscribers. DJIA climbed 1.0% to
8,520
11,893.8. NASDAQ rose 0.1% to 2,625.2. S&P 500 gained 0.9% to 1,239.7.
8,500
Asian Market Snapshot
8,480  Asian markets are trading higher this morning, taking cues from overnight
9:00 9:45 10:30 11:15 13:00
gains on Wall Street, as concerns about the Eurozone debt crisis eased and
after US initial jobless claims fell to the lowest level in seven months. In
Manoj Ladwa 0207 392 1487
Japan, Fast Retailing traded higher, after it announced plans to open more
Index and Equity Desk 0207 392 1479
stores in South Korea. In Hong Kong, banking stocks, Bank of
Institutional Equities 0207 392 1477 Communications, Hang Seng Bank and Agricultural Bank of China paced
Commodities 0207 392 1403 gains, as risk appetite increased among investors. Coal Producer, China
Options 0207 392 1472 Shenhua Energy traded higher, following a report that the government
Currencies 0207 392 1455 would encourage mergers in the industry. In South Korea, Hynix
Internet Dealing Desk 0207 392 1434 Semiconductor gained value, after SK Telecom announced buying of a 20.0%
stake in the company. Nikkei 225 index is trading 0.5% higher, at 8,542.9.
Hang Seng index is trading 1.1% higher at 19,179.8, while the Kospi index is
trading 2.4% higher, at 1,857.2.
ETX Capital, Beaufort House, 15 St Botolph Street, London EC3A 7DT Tel+44 (0) 207 392 1453
customerservice@etxcapital.co.uk www.etxcapital.com Refer to the last page for disclaimer

2. 11 November 2011
Commodities
99.0
1780.0 8,100 2,250
98.0 1770.0 7,925 2,208
$/ M T
$/ b b l
7,750 2,165
$ /OZ
97.0 1760.0
7,575 2,123
96.0
1750.0
7,400 2,080
95.0
0:00 6:40 13:20 20:00 3:20 1740.0 28-Oct 2-Nov 7-Nov 10-Nov
0:00 6:40 13:20 20:00 3:30 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.4% or $0.38 higher at $98.16 per barrel. Yesterday, crude oil for December
delivery rallied 2.1% or $2.04 to settle at $97.78 per barrel, amid expectation of increase in energy demand, after US Labour
Department data showed initial jobless claims fell by 10,000. Crude oil also gained value, as the dollar depreciated against the
euro, increasing the demand for commodities as an alternative investment.
 Gold for immediate delivery is trading 0.9% higher today, at $1,768.13 per ounce. Gold for December delivery fell 1.8% or $32
to settle at $1,759.60 per ounce yesterday, as demand for the safe haven asset, following an unexpected decline in US jobless
claims and after selection of the new Greek Prime Minister.
Currencies
1.1790 1.5990 1.3660
1.1763 1.5958 1.3613
1.1735 1.5925 1.3565
1.1708 1.5893
1.3518
1.1680 1.5860
1.3470
0:00 7:00 14:00 21:00 4:00 0:00 7:00 14:00 21:00 4:00
0:00 7:00 14:00 21:00 4:00
 At 0400 BST today, the GBP is trading marginally lower against the USD at $1.5932, 0.2% lower against the EUR at €1.1690,
and 0.2% lower against the JPY at ¥123.54.
 The EUR is trading 0.1% higher against the USD at $1.3628.
 The EUR is trading marginally lower against the JPY at ¥105.68.
 Yesterday, the EUR closed higher against the USD, after Greece selected a new Prime Minister to head the unity government,
Italy witnessed decent demand at the auction of 1-year bills, and as Standard & Poor‟s stated that France would keep its „AAA‟-
rating.
 The CAD ended higher against the USD, after Canada recorded its first trade surplus since January.
2 From The Floor Refer to the last page for disclaimer

3. 11 November 2011
Key Economic Releases Today
Country BST E c onomi c Indi c a tor Conse nsus P re vi ous Fre que nc y
UK 9:30 Producer Price Index Input n.s.a. (YoY) (Oct) 14.60% 17.50% Monthly
UK 9:30 Producer Price Index Output Core n.s.a. (YoY) (Oct) 3.60% 3.80% Monthly
UK 9:30 Producer Price Index Output n.s.a. (YoY) (Oct) 5.90% 6.30% Monthly
UK 9:30 Producer Price Index Input n.s.a. (MoM) (Oct) -0.30% 1.70% Monthly
UK 9:30 Producer Price Index Output Core n.s.a. (MoM) (Oct) 0.10% 0.30% Monthly
UK 9:30 Producer Price Index Output n.s.a. (MoM) (Oct) 0.20% 0.30% Monthly
Canada - Remembrance Day - - -
US - Veteran's Day - - -
US 14:55 Reuters/Michigan Consumer Sentiment Index (Nov) 61.50 60.90 Monthly
US 19:45 Fed's Williams Speaks on Panel at IMF Conference - - -
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 440.0
UK 0.5% 5.2% 2.2%
US 1.6% 3.9% 2.0% 425.0
Th o u s an d
Japan -1.0% 0.0% 1.0%
410.0
France 1.6% 2.3% 3.2%
Germany 2.7% 2.5% 1.7%
395.0
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% 380.0
Oct-11
Oct-11
May-11
Jun-11
Jun-11
Jul-11
Jul-11
Aug-11
Aug-11
Sep-11
Sep-11
Sep-11
Nov-11
India 7.7% 10.1% 8.9%
China 9.1% 5.5% 3.7%
3 From The Floor Refer to the last page for disclaimer

4. 11 November 2011
Key Corporate Releases Today
UK
Compa ny N a me Re sul ts Curre nc y Ful l Ye a r Conse nsus
E sti ma te d E P S E sti ma te d Re ve nue (Mn)
Grupo Clarin SA GDR Q3 USD 1.04 2,285.20
Blinkx PLC Interim GBP 0.05 124.66
Hornby PLC Interim GBP 14.05 73.60
Carrs Milling Industries PLC Prelim GBP - -
FlyBe Interim GBP - -
New Europe Property Investments PLC Interim GBP - -
Note: All Estimates are for Full Year
Rolls-Royce Group, Spectris, BAA Plc, Clarke (T) Plc
Galliford Try, GCP Infrastructure Investments Ltd.
Daejan Holdings, Jupiter Primadona Growth Trust, TR European Growth Trust
All Leisure Group, Cenkos Securities, Cobham, Corin Group, Huntsworth, Johnson Service Group, Just Car Clinics Group,
Kerry Group 'A' Shares, Kingfisher, Maven Income & Growth 2 VCT, Petropavlovsk, Rightmove, S & U, Spectris, Spirax-
Sarco Engineering, Staff line Group, Unite Group, Walker Greenbank, British Land Co, Merchants Trust
Europe
Compa ny N a me Re sul ts Curre nc y Ful l Ye a r Conse nsus
E sti ma te d E P S E sti ma te d Re ve nue (Mn)
Allianz SE Q3 EUR 9.74 100,442.00
Assicurazioni Generali SpA Q3 EUR 1.16 73,379.50
Exor SpA Q3 EUR 1.94 63,708.00
Telefonica SA Q3 EUR 1.64 63,194.30
Finmeccanica SpA Q3 EUR 0.68 17,851.30
Note: All Estimates are for Full Year
US
Compa ny N a me Re sul ts Curre nc y Ful l Ye a r Conse nsus Re l e a se
E sti ma te d E P S E sti ma te d Re ve nue (Mn) T i me
DR Horton Inc Q4 USD 0.49 4,070.00 U
Atlantic Power Corp Q3 USD (5.11) 701.35 U
Nimin Energy Corp Q3 USD 1.54 258.04 U
Tree.Com Inc Q3 USD (7.32) 207.54 U
No te: A ll Estimates are fo r Full Year (A = A fter the market clo ses, B = B efo re the market o pens, D = During market ho urs, U = Time unkno wn )
4 From The Floor Refer to the last page for disclaimer

5. 11 November 2011
What’s Hot & What’s Not
Experian Vedanta Resources -9.5%
5.4%
3.7% WM Morrison Supermarkets Admiral Group -7.6%
Meggitt Plc -4.3%
3.5% Resolution Ltd
1.7% Cairn Energy Randgold Resources Ltd -4.0%
1.7% British Sky Broadcasting Essar Energy -3.5%
Intercontinental Hotels Group Hargreaves Lansdown -2.6%
1.5%
1.5% Old Mutual Schroders - A -2.6%
ARM Holdings Antofagasta -2.2%
1.3%
1.3% Anglo American Rio Tinto -1.9%
0.9% Standard Chartered HSBC Holdings -1.9%
0.0% 1.5% 3.0% 4.5% 6.0% -10.0% -7.5% -5.0% -2.5% 0.0%
Major Movers & Shakers
 Experian rallied 5.4%, after a 20.0% rise in first-half earnings.
 WM Morrison rose 3.7%, after it reported a rise in its third-quarter sales.
 Cairn Energy advanced 1.7%, following higher crude oil prices.
 Anglo American added 1.3%, after it announced that it had completed the sale of 24.5% in its unit, Anglo American Sur.
 Vedanta Resources tumbled 9.5%, after it reported a 92.0% plunge in its first-half profit.
 Admiral Group sank 7.6%, after various brokers downgraded the stock.
 Randgold Resources fell 4.0%, tracking lower gold prices.
 Miners, Rio Tinto and Antofagasta, dropped 1.9% and 2.2% respectively, in line with a fall in base metal prices.
5 From The Floor Refer to the last page for disclaimer

6. 11 November 2011
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6 From The Floor