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

1. From The Floor
20 September 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed sharply lower yesterday, led by losses in banks and
FTSE 100 5,259.6  -2.0% 2.5% 4.3% -6.1% miners, amid fears that Europe would not be able to avoid a sovereign debt-
DJSTOXX 50 2,117.2  -2.1% 3.0% -0.2% -17.7% crisis. Among banking stocks, RBS, Lloyds Banking Group and Barclays,
FTSEurofirst 300 916.1  -2.3% 2.8% 0.7% -15.8% slumped between 5.7% and 6.7%, as risk aversion increased among investors.
German DAX 30 5,415.9  -2.8% 6.8% -1.2% -14.0%
Lloyds Banking Group also paced declines on news that group Finance
French CAC 40 2,940.0  -3.0% 3.0% -2.6% -22.4%
Director and a Board Member, Tim Tookey, would leave the bank at the end
Russia RTS Index 1,526.0  -3.1% -2.6% -3.1% 4.0%
S&P 500 1,204.1  -1.0% 3.6% 7.2% 5.4%
of February 2012. Miners, Rio Tinto, Antofagasta and Anglo American,
Dow Jones Industrials 11,401.0  -0.9% 3.1% 5.4% 6.0%
tumbled between 3.3% and 8.2%, tracking a fall in base metal prices. Energy
Nasdaq Composite 2,612.8  -0.4% 4.7% 11.6% 10.9% stocks, BP, BG Group and Cairn Energy, dropped between 1.5% and 3.8%, as
Brazil Bovespa 57,102.8  -0.2% 2.5% 8.9% -16.3% crude oil prices retreated. Ocado Group plummeted 11.0%, after the
Nikkei 225* 8,749.9  -1.3% 3.8% 1.7% -7.9% company trimmed its profit estimates. Inmarsat, fell 5.8%, after S&P Equity
Shanghai Composite* 2,447.8  0.4% -2.4% -3.8% -5.8% Research downgraded the stock to “Buy” from “Strong Buy”, citing valuation
Sensex* 16,865.0  0.7% 1.5% 3.7% -15.9% concerns. FTSE 100 lost 2.0% to 5,259.6. FTSE 250 eased 1.9% to 10,229.0.
*Time - BST 5:04:47 AM
European Market Snapshot
5,395  Other European markets ended sharply lower yesterday, led by losses in
banking sector stocks, amid mounting fears that Greece might not receive
5,351 additional bailout package, after Germen Chancellor Angela Merkel’s party
lost a Berlin state election. Banking stocks, Societe Generale, BNP Paribas and
5,308 Deutsche Bank tumbled between 4.5% and 6.7%, as risk appetite decreased
among investors. Tire maker, Michelin, plummeted 6.0%, after Morgan
5,264 Stanley downgraded the stock to “Underweight” from “Overweight”, while
technology major, Temenos Group, slumped 7.4%, after the same broker
5,220 downgraded the stock to “Equal weight” from “Overweight”. Siemens lost
8:00 9:45 11:30 13:15 15:00 16:35
2.1%, as the company has decided to stop developing nuclear power projects
after Germany's decision to reduce the use of nuclear energy. FTSEurofirst
300 index declined 2.3% to 916.1. German DAX Xetra 30 fell 2.8% or 157.6
11,540
points to 5,415.9. French CAC-40 dropped 3.0% or 91.1 points to 2,940.0.
11,468 US Market Snapshot
 US markets closed lower yesterday, amid concerns about Greece’s intention
11,395
to adopt austerity plans to qualify for additional financial aid needed to
avert a debt default. Morgan Stanley, the top loser on the S&P 500 index,
11,323
slumped 7.9%, while JPMorgan Chase, American Express and Bank of
America lost between 2.8% and 3.3%, tracking their European peers, as risk
11,250
9:30 10:45 12:00 13:15 14:30 15:45
appetite waned. Netflix lost 7.4%, after its CEO indicated separation of
movie-streaming and DVD-by-mail service businesses. Re-insurer, Transatlantic
slipped 2.0%, after rejecting a renewed buyout offer of $52 per share in cash
from Berkshire Hathaway. Caterpillar lost 1.5%, after Raymond James cut its
8,755
ratings on the stock to “Outperform” from “Strong Buy”. Alcoa lost 3.3%,
amid demand worries in a scenario of sluggish economic growth. MetLife slid
8,748
4.6%, as Wells Fargo lowered its earnings estimates for the industry. DJIA
slipped 0.9% to close at 11,401.0. NASDAQ lost 0.4% to settle at 2,612.8. S&P
8,740
500 shed 1.0% to end at 1,204.1.
8,733
Asian Market Snapshot
8,725
9:00 9:45 10:30 11:15 13:00
 Asian markets are trading mixed this morning, after the Standard & Poor’s
downgraded its unsolicited long- and short-term sovereign credit ratings on
Italy by one notch to A/A-1 from A+/A-1+, with a negative outlook,
Manoj Ladwa 0207 392 1487
deepening the ongoing concerns about European economic recovery. In
Index and Equity Desk 0207 392 1479
Japan, exporters, Sony, Toyota Motor and Fujitsu paced declines, amid fears
Institutional Equities 0207 392 1477 that demand for their products would slow. Financial sector stocks, Nomura
Commodities 0207 392 1403 Holdings, Mitsubishi UFJ Financial Group and Daiwa Securiities, lost value, as
Options 0207 392 1472 risk appetite decreased among investors. In Hong Kong, energy stocks,
Currencies 0207 392 1455 Cnooc and PetroChina traded higher, as crude oil prices traded in positive
Internet Dealing Desk 0207 392 1434 territory today. In South Korea, gains in Kospi index were restricted as
exporters, Hyundai Motors and Samsung Electronics paced declines. Nikkei
225 index is trading 1.3% lower, at 8749.9. Hang Seng index is 0.3% up, at
18,965.2, while the Kospi index is trading 0.1% higher, at 1,823.4.
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. 20 September 2011
Commodities
87.5
1830.0 9,080 2,370
86.8 1814.5 8,903 2,352
$/ M T
$/ b b l
8,725 2,334
$ /OZ
86.1 1799.0
8,548 2,316
85.4
1783.5
8,370 2,298
84.7
0:00 5:30 11:00 16:30 22:40 1768.0 5-Sep 8-Sep 13-Sep 16-Sep
0:00 5:40 11:20 17:00 22:50 Copper - LHS Aluminium - RHS
 In Asia, crude oil for October delivery is trading marginally higher at $85.72 per barrel. Yesterday, crude oil for October delivery
closed 2.6% or $2.26 lower, to end at $85.70 per barrel, amid worries over demand prospects, as concerns about Greek default
resurfaced strongly, after European policy-makers failed to announce a plan to provide additional bailout package for Greece
to avoid default.
 Gold for immediate delivery is trading marginally higher today, at $1,781.85 per ounce. Gold for December delivery fell 2.0%
or $35.80, to settle at $1,778.90 per ounce yesterday, as the dollar rose against the major currencies, decreasing the demand
for the precious metal as a hedge against inflation.
Currencies
1.1530 1.5762 1.3720
1.1513 1.5729 1.3688
1.1495 1.5696 1.3655
1.1478 1.5663
1.3623
1.1460 1.5630
1.3590
0:00 6:40 13:20 20:00 2:40 0:00 6:40 13:20 20:00 2:40
0:00 6:40 13:20 20:00 2:40
 At 0400 BST today, the GBP is trading marginally lower against the USD at $1.5668, slightly higher against the EUR at €1.1508,
and 0.3% down against the JPY at ¥ 119.846.
 The EUR is trading 0.1% lower against the USD at $1.36132, amid worries over additional aid for Greece, and on speculation
that borrowing costs for countries in the region would rise, after Standard & Poor’s downgraded Italy’s credit rating.
 The EUR is trading 0.3% lower against the JPY at ¥104.1, as persisting concerns about European economic recovery forced
investors to invest in safe haven assets.
 The AUD is trading higher against the USD, after minutes from the latest Reserve Bank of Australia board meeting lowered the
chances of interest rate cuts.
 Yesterday, the USD closed higher against the EUR, after a conference between officials from Greece, the European Union, IMF
and European Central Bank failed to decide additional aid for Greece, mounting concern about region’s debt crisis.
 The CAD ended lower against the USD, on concerns that Greece might not receive an aid installment, dampening demand for
higher-yielding assets.
2 From The Floor Refer to the last page for disclaimer

3. 20 September 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 (MoM) (Aug) 0.20% 0.70% Monthly
Germany 7:00 Producer Prices (YoY) (Aug) 5.80% 5.80% Monthly
Germany 10:00 ZEW Survey - Economic Sentiment (Sep) -45.00 -37.60 Monthly
Germany 10:00 ZEW Survey - Current Situation (Sep) 45.00 53.50 Monthly
Eurozone 10:00 ZEW Survey - Economic Sentiment (Sep) -42.30 -40.00 Monthly
Switzerland 6:45 SECO September 2011 Economic Forecasts - - -
Switzerland 7:00 Trade Balance (Aug) CHF1.97 bn CHF2.81 bn Monthly
Switzerland 7:00 Exports (MoM) (Aug) - -3.00% Monthly
Switzerland 7:00 Imports (MoM) (Aug) - 0.10% Monthly
US 13:30 Building Permits (MoM) (Aug) -1.80% -3.20% Monthly
US 13:30 Building Permits (Aug) 590.00 K 601.00 K Monthly
US 13:30 Housing Starts (MoM) (Aug) -2.30% -1.50% Monthly
US 13:30 Housing Starts (Aug) 590.00 K 604.00 K Monthly
Canada 13:30 Leading Indicators (MoM) (Aug) 0.20% 0.20% Monthly
Canada 13:30 Wholesale Sales (MoM) (Jul) 0.90% 0.20% Monthly
Japan 6:00 Leading Economic Index (Jul) - 106.00 Monthly
Japan 6:00 Coincident Index (Jul) - 109.00 Monthly
Japan 8:00 Convenience Store Sales (YoY) (Aug) - 9.50% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 23.00
UK 0.7% 4.5% 2.3%
US 1.6% 3.6% 1.9% 19.75
Japan -1.0% 0.2% 1.0%
16.50
France 1.6% 2.2% 2.5%
Germany 2.7% 2.4% 1.8%
13.25
Brazil 3.1% 7.2% 4.0%
Russia 3.4% 9.0% 6.0% 10.00
Oct-10
Apr-10
Jun-10
Oct-10
Apr-11
Jun-11
Dec-10
Aug-10
Aug-11
Feb-10
Dec-10
Feb-11
India 7.7% 8.4% 8.3%
China 9.7% 6.2% 4.1%
3 From The Floor Refer to the last page for disclaimer

4. 20 September 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)
Carnival Plc Q3 GBP 2.46 15,775.20
Wilmington Group Plc Prelim GBP 10.89 86.50
Optimal Payments Interim GBP 3.31 69.33
KBC Advanced Technologies Plc Interim GBP 7.25 57.60
Invista Real Estate Investment Management Holdings
Interim GBP 1.30 19.00
Dolphin Capital Investors Ltd. Interim GBP (8.92) -
Note: All Estimates are for Full Year
Dolphin Capital Investors Ltd., Debenhams Plc, Porvair Plc
3Legs Resources, Blinkx, Daejan Holdings, Downing Structured Opportunities VCT 1, F&C Managed Portfolio Trust
Growth Shares, HML Holdings, ILX Group, Marwyn Value Investors Ltd., Park Group, Sirius Minerals
Alternative Asset Opportunities PCC Ltd
Capital & Counties Properties, First Quantum Minerals Ltd., BP
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)
Le Noble Age Sa Q2 EUR 1.03 221.53
Leguide.Com Sa Q2 EUR 1.26 26.43
Dantax A/S Q4 DKK - -
Micropole Sa Q2 EUR - -
Gentium Spa H1 USD - -
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
Oracle Corp Q1 USD 2.40 39,000.00 U
Carnival Corp Q3 USD 2.46 15,790.00 U
Conagra Foods Inc Q1 USD 1.81 12,820.00 B
No te: A ll Estimates are fo r Full Year
4 From The Floor Refer to the last page for disclaimer

5. 20 September 2011
What’s Hot & What’s Not
Antofagasta -8.2%
1.6% Randgold Resources Ltd
0.9% National Grid Kazakhmys -7.1%
Xstrata -6.8%
0.6% Imperial Tobacco Group
0.4% GlaxoSmithKline Lloyds Banking Group -6.7%
0.3% ARM Holdings Vedanta Resources -6.6%
WM Morrison Supermarkets Barclays -6.6%
0.1%
0.1% Autonomy Corp Inmarsat -5.8%
Royal Bank of Scotland -5.7%
Anglo American -4.6%
Hargreaves Lansdown -4.5%
0.0% 0.5% 0.9% 1.4% 1.8% -8.8% -6.6% -4.4% -2.2% 0.0%
Major Movers & Shakers
 Miners, Antofagasta, Xstrata and Anglo American, tumbled between 4.6% and 8.2%, as base metal prices declined.
 Banks, RBS, Lloyds Banking Group and Barclays plummeted between 5.7% and 6.7%, as risk appetite decreased among
investors, amid worries over European sovereign debt.
 Inmarsat slumped 5.8%, after S&P Equity Research downgraded the stock to “Buy” from “Strong Buy”.
 Randgold Resources rose 1.6%, despite a fall in gold prices.
5 From The Floor Refer to the last page for disclaimer

6. 20 September 2011
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6 From The Floor