UK and European markets dropped sharply yesterday amid concerns over the intensifying eurozone sovereign debt crisis. Spanish and French bond yields surged to euro-era highs, weighing on financial and base metal stocks. In the US, markets also closed lower as investors worried over the debt crisis and lack of progress on reducing the American deficit. Asian markets are trading lower this morning tracking declines in Europe and the US, with Japanese metal and banking stocks pacing losses.

1. From The Floor
18 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets dropped sharply yesterday, amid concerns that the eurozone
FTSE 100 5,423.1  -1.6% -0.4% -0.2% -4.7% sovereign debt crisis is intensifying after Spanish and French bond yields
DJSTOXX 50 2,245.7  -1.0% 0.0% -0.5% -12.0% surged to euro-era high levels at the recent debt auction. Vedanta Resources,
FTSEurofirst 300 957.9  -1.3% -0.6% -0.8% -12.3% the top laggard on the FTSE 100 index, declined 6.9%, while BHP Billiton,
German DAX 30 5,850.2  -1.1% -0.3% -0.2% -12.7%
Anglo American and Rio Tinto lost between 2.8% and 3.5%, as base metal
French CAC 40 3,010.3  -1.8% -1.8% -4.9% -20.6%
prices lost ground. Among banking stocks, Barclays, Royal Bank of Scotland
Russia RTS Index 1,512.7  -0.5% -1.1% 6.0% -3.7%
S&P 500 1,216.1  -1.7% -1.9% 1.3% 3.2%
and Lloyds Banking Group slipped between 2.6% and 4.6%, amid concerns
Dow Jones Industrials 11,770.7  -1.1% -1.0% 3.3% 6.9%
over global economic growth. Travel sector stock, Carnival dropped 4.3%,
Nasdaq Composite 2,588.0  -2.0% -1.4% -1.0% 4.5% amid worries over rising fuel cost and after HSBC initiated coverage on the
Brazil Bovespa 56,988.9  -2.7% -0.6% 5.7% -18.2% stock with “Neutral” rating. Imperial Tobacco retreated 2.9%, as Nomura
Nikkei 225* 8,368.1  -1.3% -0.2% -4.5% -13.6% downgraded the stock to “Reduce” from “Add”. FTSE 100 shed 1.6% to end
Shanghai Composite* 2,429.9  -1.3% -0.7% 0.9% -13.2% at 5,423.1. FTSE 250 lost 1.2% to settle at 10,150.3.
Sensex* 16,263.5  -1.2% -5.2% -3.3% -17.1%
*Time - BST 6:06:47 AM
European Market Snapshot
 Other European markets slid yesterday, led by a drop in financial sector
5,520 stocks, amid mounting concerns that the European debt crisis might spread
to other eurozone economies. Financial stocks, BNP Paribas, Commerzbank
5,485 and KBC Groep, sank between 4.3% and 8.2%, as risk appetite decreased
among investors. Steelmakers, ThyssenKrupp, Salzgitter and Voestalpine,
5,450 slumped between 2.9% and 9.2%, after Voestalpine trimmed its profit
outlook for the full year. Chipmaker, ASML Holding, fell 3.2%, after its US
5,415 peer, Applied Materials, reported a drop in its third-quarter earnings. Airline
stock, Air Berlin, slid 2.1%, after its third-quarter earnings fell short of market
5,380 expectations. Industrial stock, Rheinmetall, lost 4.5%, after Commerzbank
8:00 9:45 11:30 13:15 15:00 16:35
downgraded the stock to “Hold” from “Buy”. FTSEurofirst 300 index fell
1.3% to 957.9. German DAX Xetra 30 fell 1.1% to 5,850.2. French CAC-40
dropped 1.8% to 3,010.3.
US Market Snapshot
11,950
11,880
 US markets closed lower yesterday, shrugging off upbeat data on labour and
housing sector, amid persisting worries over the eurozone debt crisis and as
11,810
US policymakers failed to reach a consensus to reduce the American deficit.
NetApp, the top laggard on the S&P 500 index, declined 12.3%, as its second
11,740
-quarter earnings missed market expectations. Investment bank, Jefferies
Group dropped 2.0%, amid concerns over its relatively small size and its
11,670
9:30 10:45 12:00 13:15 14:30 15:45 exposure to the European sovereign debt. Retailer, Sears Holdings shed
4.6%, as it reported a wider-than-expected loss in its third quarter. Applied
Materials lost 7.5%, as its forecasts trailed estimates. Alcoa declined 3.5%,
and emerged as the top loser on the DJIA index, amid concerns over the
8,490
pace of global economic growth. Eastman Kodak fell 6.3%, amid report that
the company is mulling to dispose its online photo-sharing business in an
8,455
effort to raise funds. DJIA lost 1.1% to close at 11,770.7. NASDAQ declined
2.0% to settle at 2,588.0. S&P 500 retreated 1.7% to end at 1,216.1.
8,420
8,385 Asian Market Snapshot
 Asian markets are trading lower this morning, led by losses in banking and
8,350
9:00 9:45 10:30 11:15 13:00
metal sector stocks, amid mounting concerns about the European sovereign
debt crisis. In Japan, metal sector stocks, Sumitomo Metal Mining and Mitsui
Mining & Smelting paced losses, tracking a fall in base metal prices.
Manoj Ladwa 0207 392 1487
Exporters, Sony, Mitsubishi Motors and Honda Motor traded lower, as the
Index and Equity Desk 0207 392 1479
yen traded higher against the dollar. In Hong Kong, Bank of China and ICBC,
Institutional Equities 0207 392 1477 paced declines, after the China Banking Regulatory Commission highlighted
Commodities 0207 392 1403 that banks should cut “high-risk” loans to developers. Homebuilders, China
Options 0207 392 1472 Vanke and Agile Property traded lower, after China Securities journal stated
Currencies 0207 392 1455 that developers might cut house prices in more cities. In South Korea, Lotte
Internet Dealing Desk 0207 392 1434
Shopping lost value, as sluggish department store sales raised concerns
about its profitability. Nikkei 225 index is trading 1.3% lower, at 8,368.1.
Hang Seng index is trading 1.8 % lower at 18,476.2, while the Kospi index is
trading 2.2% lower, at 1,834.7.
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. 18 November 2011
Commodities
104.0
1772.0 8,000 2,150
102.4 1755.3 7,850 2,133
$/ M T
$/ b b l
7,700 2,115
$ /OZ
100.8 1738.5
7,550 2,098
99.1
1721.8
7,400 2,080
97.5
0:00 6:40 13:20 20:00 3:30 1705.0 4-Nov 9-Nov 14-Nov 17-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.3% or $0.26 lower at $98.56 per barrel. Yesterday, crude oil for December
delivery fell 3.7% or $3.77 to settle at $98.82 per barrel, amid worries that the European debt crisis is spreading and after the
Philadelphia Fed manufacturing survey slowed to 3.6 in November from 8.7 in October.
 Gold for immediate delivery is trading 0.2% higher today, at $1,724.67 per ounce. Gold futures for December delivery dropped
3.1% or $54.10 to end at $1,720.20 per ounce yesterday, as investors booked profits to shore up losses in the rest of their
portfolio.
Currencies
1.1715 1.5810 1.3550
1.1700 1.5778 1.3518
1.1685 1.5745 1.3485
1.1670 1.5713
1.3453
1.1655 1.5680
1.3420
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 0.2% higher against the USD at $1.5778, marginally lower against the EUR at €1.1700,
and 0.1% higher against the JPY at ¥121.34.
 The EUR is trading 0.2% higher against the USD at $1.3486.
 The EUR is trading 0.1% higher against the JPY at ¥103.71.
 The USD weakened against most of its major peers, amid speculation that the Federal Reserve would ease monetary policy to
lower borrowing costs and shore up the economy. Economists expect that the National Association of Realtors data would
show US sales of existing homes dropped for a second month in October, sliding 2.2% from September.
 Yesterday, the EUR closed higher against the USD, as Italian bond yields dropped amid report that the European Central Bank
bought more Italian government bonds, overshadowing concerns about the Eurozone debt crisis.
 The GBP closed higher against the USD, after a report showed that UK retail sales unexpectedly rose in October.
 The AUD and NZD ended lower against the USD, after better-than-expected initial jobless claims data increased demand for the
USD.
 The CAD closed lower against the USD, as lower commodity prices decreased the demand for the commodity linked currency.
2 From The Floor Refer to the last page for disclaimer

3. 18 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
Germany 7:00 Producer Prices (YoY) (Oct) 5.30% 5.50% Monthly
Germany 7:00 Producer Prices (MoM) (Oct) 0.10% 0.30% Monthly
US 15:00 Leading Indicators (Oct) 0.60% 0.20% Monthly
Canada 12:00 Bank Canada Consumer Price Index Core (YoY) (Oct) 1.90% 2.20% Monthly
Canada 12:00 Bank Canada Consumer Price Index Core (MoM) (Oct) 0.10% 0.50% Monthly
Canada 12:00 Consumer Price Index (Oct) - 120.60 Monthly
Canada 12:00 Consumer Price Index (YoY) (Oct) 2.70% 3.20% Monthly
Canada 12:00 Consumer Price Index (MoM) (Oct) 0.10% 0.20% Monthly
Canada 13:30 Leading Indicators (MoM) (Oct) 0.10% -0.10% Monthly
Japan 5:30 Nationwide Department Store Sales (YoY) (Oct) - -2.40% Monthly
Japan 5:30 Tokyo Department Store Sales (YoY) (Oct) - -3.60% Monthly
Japan 5:30 Tokyo Department Store Sales (YoY) (Oct) - -3.60% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 3.5%
UK 0.5% 5.0% 2.2%
US 1.6% 3.5% 2.0% 1.8%
Japan 0.0% 0.0% 1.0%
0.0%
France 1.6% 2.3% 3.7%
Germany 2.5% 2.5% 1.8%
-1.8%
Brazil 3.1% 7.0% 4.0%
Russia 4.8% 7.2% 6.0% -3.5%
Oct-09
Apr-10
Jun-10
Oct-10
Apr-11
Jun-11
Dec-09
Aug-10
Aug-11
Oct-11
Feb-10
Dec-10
Feb-11
India 7.7% 10.1% 8.9%
China 9.1% 5.5% 3.6%
3 From The Floor Refer to the last page for disclaimer

4. 18 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)
Record Plc Interim GBP 2.15 20.25
Absolute Return Trust Limited Interim GBP - -
Note: All Estimates are for Full Year
Axis-Shield, FBD Holdings, Headlam Group, Hill & Smith Holdings, Kentz Corporation Ltd., Rotork, Intertek Group Plc,
Chemring Group Plc, Bioquell Plc, Capita Group Plc, Helphire Group Plc, Huntsworth Plc, Tullett Prebon Plc, Independ-
ent News & Media Plc
Albemarle & Bond Holdings, Cleardebt Group, Hansard Global, Helphire Group, Matchtech Group, Nautical Petroleum,
Physiomics, Savile Group
JSC Sitronics GDR (Reg S)
Galliford Try, Go-Ahead Group, Hansard Global, Hays, Henderson EuroTrust, Interior Services Group
Hunting, Intertek Group, M&C Saatchi, NTT DoCoMo Inc, Octopus Apollo VCT 1, Octopus Apollo VCT 2, Octopus
Apollo VCT 3, Octopus Eclipse VCT 2, Raven Russia Ltd., Standard Life
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)
First Sensor AG Q3 EUR 0.55 69.05
november AG Q3 EUR 0.04 5.10
Ige Resources AB Q3 NOK - 0.01
Biofrontera AG Q3 EUR - -
Oranjewoud NV Q3 EUR - -
Green Reefers ASA Q3 NOK - -
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
H J Heinz Co Q2 USD 3.33 11,800.00 U
WGL Holdings Inc Q4 USD 2.44 2,920.00 U
Ann Inc Q3 USD 1.87 2,230.00 U
Brady Corp Q1 USD 2.38 1,380.00 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. 18 November 2011
What’s Hot & What’s Not
Admiral Group Vedanta Resources -6.9%
3.1%
2.4% National Grid Essar Energy -6.3%
Antofagasta -6.1%
2.4% Rexam
1.9% Glencore International Fresnillo -5.9%
1.1% Diageo ENRC -5.8%
British Sky Broadcasting ITV -5.2%
0.7%
0.7% Severn Trent Inmarsat -4.7%
Sage Group Investec -4.7%
0.5%
0.4% Compass Group Lloyds Banking Group -4.6%
0.3% Wolseley Carnival -4.3%
0.0% 0.9% 1.8% 2.6% 3.5% -7.5% -5.6% -3.8% -1.9% 0.0%
Major Movers & Shakers
 National Grid rose 2.4%, after reporting first-half results that surpassed market estimates.
 Glencore International rose 1.9%, after it reported a rise in its third-quarter production.
 Miners, Vedanta Resources, Antofagasta and ENRC, slumped between 5.8% and 6.9%, tracking lower base metal prices.
 Fresnillo plummeted 5.9%, following a decline in silver prices.
 Inmarsat shed 4.7%, after its key US customer, Lightsquared, faced further political pressure.
 Carnival dropped 4.3%, amid worries over rising fuel cost and after HSBC initiated coverage on the stock with “Neutral” rating.
5 From The Floor Refer to the last page for disclaimer

6. 18 November 2011
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6 From The Floor