The key global indices closed lower as concerns grew over Europe's debt crisis. In the UK, mining stocks declined on falling metal prices and banks fell due to debt exposure. European markets also closed lower with banks and insurers down, while poor earnings further weighed on sentiment. US markets finished lower as well, dragged down by bank shares and concerns over Europe. Most Asian markets are trading lower today tracking the declines.

1. From The Floor
15 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets ended lower yesterday, surrendering opening gains, amid
FTSE 100 5,519.0  -0.5% 0.1% 1.0% -4.8% investor caution over the ability of new governments in Italy and Greece to
DJSTOXX 50 2,272.4  -0.8% 0.3% 0.1% -12.0% resolve the sovereign debt crisis. Among mining sector stocks, Vedanta
FTSEurofirst 300 975.5  -0.9% 0.1% 0.0% -11.6% Resources, the top laggard on the FTSE 100 index, fell 3.6%, while Rio Tinto
German DAX 30 5,985.0  -1.2% 1.0% 0.3% -11.1%
and Xstrata lost 1.3% and 1.8%, respectively, as EU industrial production fell
French CAC 40 3,109.0  -1.3% 0.2% -3.4% -18.9%
2.0% in September from August, and as metal prices fell. Among banking
Russia RTS Index 1,527.2  -0.2% -2.3% 5.4% -4.9%
S&P 500 1,251.8  -1.0% -0.7% 2.2% 4.4%
sector stocks, Lloyds Banking Group, Royal Bank of Scotland and Barclays
Dow Jones Industrials 12,079.0  -0.6% 0.1% 3.7% 7.9%
declined between 1.6% and 2.7%, amid worries over their exposure to
Nasdaq Composite 2,657.2  -0.8% -1.4% -0.4% 5.5% European debt. A downgrade at Goldman Sachs to “Sell” from “Neutral”,
Brazil Bovespa 58,258.2  -0.5% -1.6% 5.9% -17.2% also hit Barclays. Insurance groups, Prudential, Legal & General and
Nikkei 225* 8,540.6  -0.7% -1.9% -1.6% -11.5% Resolution slipped between 1.9% and 2.6%, amid concerns over their asset
Shanghai Composite* 2,524.1  -0.2% 0.8% 4.0% -15.3% base. FTSE 100 edged down 0.5% to end at 5,519.0. FTSE 250 inched 0.4%
Sensex* 17,095.2  -0.1% -2.5% 0.2% -15.1% lower to settle at 10,347.8.
*Time - BST 6:21:13 AM
European Market Snapshot
5,580  Other European markets closed in the negative territory yesterday, on
renewed concerns that European lawmakers would struggle to implement
5,558 the reforms needed to resolve the sovereign debt crisis, after Italian
government sold €3 billion of bonds at the highest yield since 1997.
5,535
Moreover poor corporate results dampened market sentiment further.
Financial sector stock, UniCredit, sank 6.2%, after it announced a €10.6
5,513
billion loss in its third-quarter, while Credit Suisse declined 1.1%, after
5,490 Moody’s stated that it had put its credit rating under review for possible
8:00 9:45 11:30 13:15 15:00 16:35 downgrade. Construction related stock, Hochtief, tumbled 11.0%, after it
stated that the global economic turmoil has delayed the sale of its airport-
operating unit. Solar panel makers, Q-Cells and Solarworld, plummeted
27.0% and 15.0%, respectively, after their third-quarter earnings fell short of
12,170
market expectations. FTSEurofirst 300 index declined 0.9% or 9.2 points to
975.5. German DAX Xetra 30 fell 1.2% or 72.0 points to end at 5,985.0.
12,133
French CAC-40 dropped 1.3% or 40.4 points to settle at 3,109.0.
12,095
US Market Snapshot
12,058  US markets finished lower yesterday, amid investor worries over the
Eurozone debt crisis, following a surge in Italian yields. Bank of America, the
12,020
top laggard on the DJIA index, retreated 2.6%, as concerns over the
9:30 10:45 12:00 13:15 14:30 15:45
Eurozone debt crisis overshadowed its $1.8 billion post tax gain from the
sale of 10.4 billion shares it held in China Construction Bank. Retailer, J.C.
Penney slipped 2.7%, after it posted a loss in the third quarter. Bank of New
8,610
York Mellon shed 4.5% and emerged as the top decliner on the S&P 500
index, after announcing that it would take a $100million charge in the
8,590
current quarter from restructuring costs. DJIA edged down 0.6% to 12,079.0.
NASDAQ slid 0.8% to settle at 2,657.2. S&P 500 lost 1.0% to end at 1,251.8.
8,570
8,550
Asian Market Snapshot
 Asian markets are trading lower this morning, tracking overnight losses on
8,530 Wall Street, after Spanish and Italian government-bond yields surged. In
9:00 9:45 10:30 11:15 13:00 13:45
Japan, oil related stocks, Inpex, Japan Petroleum Exploration and JX
Holdings paced losses, as crude oil prices retreated yesterday. Exporters,
Sony, Canon and Hino Motor traded lower, reversing their earlier session
Manoj Ladwa 0207 392 1487
gains. In Hong Kong, energy stocks, Cnooc and PetroChina paced losses.
Index and Equity Desk 0207 392 1479
Financial sector stocks, Bank of Communications, Bank of China and HSBC
Institutional Equities 0207 392 1477
Commodities 0207 392 1403
Holdings traded lower, in line with a fall in their European peers. In South
Options 0207 392 1472 Korea, shipping stock, STX Pan Ocean lost value, after the Baltic Dry Index
Currencies 0207 392 1455 which tracks the cost of shipping key commodities, retreated. Insurers,
Internet Dealing Desk 0207 392 1434 Hyundai Marine and Fire Insurance and LIG Insurance, paced declines, in line
with a fall in equity markets. Nikkei 225 index is trading 0.7% lower, at
8,540.0. Hang Seng index is trading 1.1% lower at 19,295.5, while the Kospi
index is trading 0.6% lower, at 1,891.1.
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. 15 November 2011
Commodities
99.5
1798.0 8,000 2,150
98.9 1791.5 7,850 2,133
$/ M T
$/ b b l
7,700 2,115
$ /OZ
98.3 1785.0
7,550 2,098
97.6
1778.5
7,400 2,080
97.0
0:00 6:40 13:20 20:00 3:20 1772.0 1-Nov 4-Nov 9-Nov 14-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading marginally lower at $98.11 per barrel. Yesterday, crude for December delivery
declined 0.9% or 85 cents to end at $98.14 per barrel, as the rise in dollar decreased the demand for the commodities as an
alternative investment, and amid speculation that a slowdown in global economy would curb energy demand.
 Gold for immediate delivery is trading 0.1% lower today, at $1,778.12 per ounce. Gold for December delivery fell 0.5% or $9.70
to settle at $1,778.40 per ounce yesterday, as the dollar rose against the major currencies, dampening the demand for the
precious metal as a hedge against inflation. Gold also lost value as investors took advantage of recent gains and preferred to
book profits.
Currencies
1.1685 1.6100 1.3800
1.1670 1.6043 1.3745
1.1655 1.5985 1.3690
1.1640 1.5928
1.3635
1.1625 1.5870
1.3580
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 0.1% lower against the USD at $1.5890, 0.1% higher against the EUR at €1.1674, and
marginally higher against the JPY at ¥122.59.
 The EUR is trading 0.1% lower against the USD at $1.3612.
 The EUR is trading marginally lower against the JPY at ¥105.02.
 The EUR is trading lower against the all of its major peers, ahead of a report that might show German investor confidence fell
to a three-year low.
 The AUD trimmed losses against the USD, after minutes of the recent meeting of the Reserve Bank of Australia revealed that
the central bank may keep its borrowing costs unchanged to await the expansionary effects of high commodity prices and the
resource investment boom.
 Yesterday, the EUR closed lower against the USD, as five-year Italian government bonds came at the highest cost for the
government since 1997 and after Spain’s yields relative to Germany’s reached to a record high.
 The GBP ended lower against the USD, after the CIPD reported that its index of UK hiring fell to -3 in the fourth-quarter from
-1 in the third-quarter, adding that private sector would grow at a slower pace over the next three months.
2 From The Floor Refer to the last page for disclaimer

3. 15 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 Consumer Price Index (YoY) (Oct) 5.10% 5.20% Monthly
UK 9:30 Core Consumer Price Index (YoY) (Oct) 3.20% 3.30% Monthly
UK 9:30 Retail Price Index (Oct) 238.30 237.90 Monthly
UK 9:30 Retail Price Index (YoY) (Oct) 5.50% 5.60% Monthly
UK 9:30 DCLG House Price Index (YoY) (Sep) 1.70% -1.30% Monthly
Germany 7:00 Gross Domestic Product n.s.a. (YoY) (3Q) 2.40% 2.80% Quarterly
Germany 7:00 Gross Domestic Product w.d.a. (YoY) (3Q) 2.50% 2.80% Quarterly
Germany 7:00 Gross Domestic Product s.a. (QoQ) (3Q) 0.50% 0.10% Quarterly
Germany 10:00 ZEW Survey (Economic Sentiment) (Nov) -52.50 -48.30 Monthly
Germany 10:00 ZEW Survey (Current Situation) (Nov) 32.00 38.40 Monthly
France 6:30 Gross Domestic Product (YoY) (3Q) 1.60% 1.70% Quarterly
France 7:45 Non-Farm Payrolls (QoQ) (3Q) 0.30% 0.20% Quarterly
Eurozone 10:00 Gross Domestic Product s.a. (YoY) (3Q) 1.40% 1.60% Quarterly
Eurozone 10:00 ZEW Survey (Economic Sentiment) (Nov) -55.30 -51.20 Monthly
Eurozone 10:00 Trade Balance (Sep) €2.0 bn -€3.4 bn Monthly
US 13:30 Advance Retail Sales (Oct) 0.30% 1.10% Monthly
US 13:30 Producer Price Index (YoY) (Oct) 6.30% 6.90% Monthly
US 13:30 Empire Manufacturing (Nov) -2.20 -8.48 Monthly
US 13:30 Producer Price Index (MoM) (Oct) -0.10% 0.80% Monthly
US 15:00 Business Inventories (Sep) 0.10% 0.50% Monthly
Canada 13:30 Manufacturing Sales (MoM) (Sep) 1.30% 1.40% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 2.0%
UK 0.5% 5.2% 2.2%
US 1.6% 3.9% 2.1% 0.9%
Japan 0.0% 0.0% 1.0%
-0.3%
France 1.6% 2.3% 3.5%
Germany 2.7% 2.5% 1.8%
-1.4%
Brazil 3.1% 7.0% 4.0%
Russia 3.4% 7.2% 6.0% -2.5%
Sep-09
Nov-09
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-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. 15 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)
Easyjet Plc Prelim GBP 36.62 3,685.22
Cable and Wireless Worldwide Plc Interim GBP 4.40 2,208.29
Burberry Group Plc Interim GBP 61.50 1,847.01
Talktalk Telecom Group Plc Interim GBP 15.76 1,733.51
British Land Co Plc Half Yearly GBP 30.45 467.79
Note: All Estimates are for Full Year
Micro Focus International Plc, Afren Plc, Aseana Properties Ltd., John Menzies Plc, Premier Oil Plc, Drax Group Plc,
Johnston Press Plc, Kier Group Plc, TT Electronics Plc
CAP-XX Ltd., Harbourvest Senior Loans Europe Ltd., Henderson EuroTrust, IRP Property Investments Ltd., Wilming-
ton Group
Aseana Properties Ltd.
Hargreave Hale AIM VCT 2, Sagicor Financial Corp., Abbott Laboratories, Marsh & Mclennan Cos Inc.
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)
Bouygues SA Q3 EUR 3.05 32,125.50
Finmeccanica SpA Q3 EUR 0.68 17,851.30
NKT Holding A/S Q3 DKK 13.63 15,711.00
Distribuidora Internacional de Alimentacion SA Q3 EUR 0.20 9,895.71
Topdanmark A/S Q3 DKK 74.20 9,152.00
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
Wal-Mart Stores Inc Q3 USD 4.49 465,580.00 D
Home Depot Inc Q3 USD 2.35 69,660.00 D
Dell Inc Q3 USD 2.01 62,560.00 D
Staples Inc Q3 USD 1.39 25,270.00 D
TJX Companies Inc Q3 USD 3.97 23,090.00 D
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. 15 November 2011
What’s Hot & What’s Not
ITV Vedanta Resources -3.6%
3.3%
3.2% Burberry Group Standard Chartered -3.3%
Weir Group -2.8%
2.6% Smith & Nephew
1.5% Vodafone Group Pearson -2.8%
1.2% Royal Dutch Shell- B Barclays -2.7%
BAE Systems Resolution Ltd -2.6%
0.9%
0.8% Smiths Group Glencore International -2.6%
Royal Dutch Shell- A Royal Bank of Scotland -2.3%
0.7%
0.6% Next Schroders -2.2%
0.5% BT Group Kazakhmys -2.2%
0.0% 1.0% 2.0% 3.0% 4.0% -4.0% -3.0% -2.0% -1.0% 0.0%
Major Movers & Shakers
 ITV rose 3.3%, after it reported a 4.0% rise in its nine-month revenues.
 Burberry Group advanced 3.2%, ahead of its first half results.
 Smith & Nephew climbed 2.6%, after Exane BNP Paribas raised its recommendation on the stock to “Outperform” from
“Neutral”.
 Vodafone added 1.5%, after US business journal Barron’s stated that Vodafone was undervalued.
 Financial sector stocks, Standard Chartered, Barclays and RBS, fell between 2.3% and 3.2%, as risk appetite deceased among
investors.
5 From The Floor Refer to the last page for disclaimer

6. 15 November 2011
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6 From The Floor