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

1. From The Floor
12 September 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets retreated sharply on Friday, led by a sharp decline in financial
FTSE 100 5,214.7  -2.4% -1.5% 4.1% -5.1% sector stocks, as investors remained concerned over Europe's ability to
DJSTOXX 50 2,108.8  -2.5% -4.3% -0.5% -18.3% resolve its debt crisis. Among financial stocks, Barclays, the top laggard on
FTSEurofirst 300 915.5  -2.6% -3.5% 0.6% -15.4% FTSE 100, declined 9.4%, while Royal Bank of Scotland and Lloyds Banking
German DAX 30 5,189.9  -4.0% -6.3% -7.5% -16.6%
shed 5.5% and 5.7%, respectively, as the London interbank offered rate for
French CAC 40 2,974.6  -3.6% -5.5% -0.9% -20.1%
dollar loans rose to the highest level since August 19, 2010 and ahead of the
Russia RTS Index 1,625.3  -3.0% -1.9% 5.7% 8.9%
S&P 500 1,154.2  -2.7% -1.7% 3.0% 4.5%
publication of the final recommendations from the UK’s Independent
Dow Jones Industrials 10,992.1  -2.7% -2.2% 2.5% 5.5%
Commission on Banking on Monday. Car insurer, Admiral declined 4.2%,
Nasdaq Composite 2,468.0  -2.4% -0.5% 3.7% 10.4% after the Ministry of Justice decided to impose a ban on referral fees that
Brazil Bovespa 55,778.4  -3.2% -1.3% 8.5% -16.3% lawyers pay to insurance firms for information of potential personal injury
Nikkei 225* 8,560.9  -2.0% -2.4% -3.3% -4.0% claimants of accidents. However, Tullow Oil surged 15.2%, after the company
Shanghai Composite 2,497.8  -0.1% -1.2% -2.0% -6.0% reported a new oil discovery at its Zaedyus exploration well. FTSE 100
Sensex* 16,601.6  -1.6% 0.3% -1.5% -10.3% retreated 2.4% to 5,214.7, while FTSE 250 declined 2.1% to close at 10,151.4.
*Time - BST 5:27:35 AM
European Market Snapshot
5,353  Other European markets closed sharply lower on Friday, led by losses in
banking sector stocks, amid concerns that the global economic recovery
5,315 would falter, after European Central Bank policy makers failed to agree over
the institution’s bond-buying program. Moreover, a slew of broker
5,277 downgrades dampened investor sentiment further. Among banking stocks,
Societe General, Commerzbank and BNP Paribas, fell between 7.5% and
5,238 10.6%. Volkswagen and Porsche, plummeted 3.9% and 14.0%, respectively,
after the companies delayed their merger plans. STMicroelectronics, eased
5,200 4.6%, after its peer, Texas Instruments, trimmed its earnings forecasts. Utility
8:00 9:45 11:30 13:15 15:00 16:35
stock, Veolia Environnement, slid 6.0%, after Morgan Stanley resumed
coverage on the stock with an “Underweight” rating. FTSEurofirst 300 index
declined 2.6% to 915.5. German DAX Xetra 30 shed 4.0% to 5,189.9. French
11,350
CAC-40 fell 3.6% to 2,974.6.
11,238 US Market Snapshot
 US markets plummeted on Friday, amid rising worries over the Eurozone
11,125
debt crisis and on doubts over whether US President, Barack Obama's $447
billion plan to boost jobs would be approved by the Congress. McDonald's
11,013
declined 4.6%, as its global like-for-like sales increased less-than-anticipated in
August. Bank of America fell 3.1%, amid reports of cut in jobs. Additionally,
10,900
9:30 10:45 12:00 13:15 14:30 15:45
Baird lowered its price target on the stock. VeriSign, the top laggard on S&P
500, declined 14.4%, following resignation of its CFO. NYSE Euronext
dropped 3.6%, amid concerns that it would be impacted by a possible
slowdown in Europe. Advisory investment bank, Lazard skidded 5.1%, amid
8,570
concerns over credit crunch in the US and European markets, prompting a
cut on its ratings to “Neutral” from “Buy” by a broker. DJIA shed 2.7% to
8,562
10,992.1. NASDAQ fell 2.4% to 2,468.0. S&P 500 shed 2.7% to 1,154.2.
8,554
Asian Market Snapshot
8,546
 Asian markets are trading lower this morning, led by losses in banks and
exporters, tracking a fall in global equity markets on Friday, amid renewed
8,538
9:00 9:45 10:30 11:15 13:00
concerns over the European sovereign-debt crisis. In Japan, banks, Mitsubishi
UFJ Financial Group, Shinsei Bank and Mizuho Financial Group traded lower,
as risk appetite decreased among investors. Exporters with large European
Manoj Ladwa 0207 392 1487
exposure including Sony, Sharp and Nissan Motors, lost values, on
Index and Equity Desk 0207 392 1479
speculation that demand for their products would slow due to ongoing
Institutional Equities 0207 392 1477 global worries. In Hong Kong, banking stocks, HSBC Holdings, Agricultural
Commodities 0207 392 1403 Bank of China and Industrial & Commercial Bank of China paced declines, as
Options 0207 392 1472 risk aversion increased among investors. Banks also lost values, amid worries
Currencies 0207 392 1455 about the asset quality and possible fundraising needs for Chinese banks.
Internet Dealing Desk 0207 392 1434 Energy stocks, Petrochina and Cnooc paced declines, as crude oil prices
retreated. South Korean markets were closed on account of the mid-autumn
public holiday. Nikkei 225 index is trading 2.0% lower, at 8,560.9. Hang Seng
index is trading 3.4% lower, at 19,188.8.
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. 12 September 2011
Commodities
89.9
1890.0 9,230 2,420
88.8 1873.3 9,140 2,395
$/ M T
$/ b b l
9,050 2,370
$ /OZ
87.7 1856.5
8,960 2,345
86.6
1839.8
8,870 2,320
85.5
0:00 5:30 11:00 16:30 21:10 2:40 1823.0 25-Aug 31-Aug 5-Sep 8-Sep
0:00 5:40 11:20 17:00 21:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for October delivery is trading 1.2 % lower at $86.19 per barrel. On Friday, crude for October delivery declined
2.0% or $1.81 to $87.24 per barrel, amid worries over demand prospects, as concerns about the European sovereign debt crisis
deepened following report that a German member of the European Central Bank had resigned over the institution’s bond-
buying program. Crude oil also lost values, amid speculation that Libya might export a crude-oil cargo this month for the first
time since March, as production resumes at Africa's biggest oil reserves.
 Gold for immediate delivery is trading 0.2% lower today, at $1,852.2 per ounce. Gold for December delivery advanced 0.1% or
$2.0 to settle at $1,859.50 per ounce on Friday, as renewed escalating worries about the Greek debt crisis and signs of slowing
global economic growth spurred demand for the yellow metal as an alternative investment.
Currencies
1.1700 1.6000 1.4000
1.1638 1.5950 1.3875
1.1575 1.5900 1.3750
1.1513 1.5850
1.3625
1.1450 1.5800
1.3500
0:00 6:40 13:20 20:00 1:40 0:00 6:40 13:20 20:00 1:40
0:00 6:40 13:20 20:00 1:40
 At 0400 BST today, the GBP is trading 0.2 % lower against the USD at $1.5851, 0.3% higher against the EUR at €1.1662, and
0.3% lower against the JPY at ¥122.84.
 The EUR is trading 0.5% lower against the USD at $1.3586.
 The EUR is trading 0.6% lower against the JPY ¥105.31.
 The EUR is trading lower against the USD and JPY, amid reports that Chancellor Angela Merkel is planning to shore up German
banks in the event that Greece fails to meet the terms of its aid package and defaults.
 The AUD traded lower against the USD, amid concerns that Greece might default, decreasing the demand for high yielding
assets.
 On Friday, the USD closed higher against the EUR, amid renewed fears that European policy makers are failing to contain the
eurozone debt problems and following news that the German government might re-introduce a fund to recapitalize its banks if
Greece defaults.
 The CAD ended lower against the USD, after Canadian labour productivity data showed that employers had unexpectedly cut
jobs in August for the first time in five months.
 The CHF closed lower against the EUR and USD, after Swiss Economic Minister, Johann Schneider-Ammann, stated that the
currency remained “massively overvalued” even after SNB imposed a ceiling.
2 From The Floor Refer to the last page for disclaimer

3. 12 September 2011
Key Economic Releases Today
Conse nsus/
Country BST E c onomi c Indi c a tor P re vi ous Fre que nc y
A c tua l s*
US 21:00 Fed's Fisher Speaks on Monetary Policy in Dallas - - -
Japan 0:50 BOJ to Publish Minutes of Aug. 4-5 Board Meeting - - -
Japan 0:50 BSI Large All Industry (QoQ) (Q3) 6.60* -22.00 Quarterly
Japan 0:50 BSI Large Manufacturing (QoQ) (Q3) 10.30* -23.30 Quarterly
Japan 0:50 Tertiary Industry Index (MoM) (Jul) -0.10%* 1.80% Monthly
Japan 0:50 Domestic Corporate Goods Price Index (MoM) (Aug) -0.20%* 0.30% Monthly
Japan 0:50 Domestic Corporate Goods Price Index (YoY) (Aug) 2.60%* 2.90% Monthly
Japan - Nationwide Department Store Sales (YoY) (Aug) - -0.10% Monthly
Japan - Tokyo Department Store Sales (YoY) (Aug) - -1.30% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 2.30%
UK 0.7% 4.4% 2.4%
US 1.6% 3.6% 2.1% 1.35%
Japan -1.0% 0.2% 1.0%
0.40%
France 0.9% 1.9% 3.4%
Germany 2.7% 2.4% 3.3%
-0.55%
Brazil 4.2% 6.9% 4.0%
Russia 3.4% 9.0% 6.0% -1.50%
Aug-09
Oct-09
Apr-10
Jun-10
Oct-10
Apr-11
Jun-11
Dec-09
Aug-10
Feb-10
Dec-10
Feb-11
India 7.8% 8.6% 8.3%
China 9.7% 6.5% 3.9%
3 From The Floor Refer to the last page for disclaimer

4. 12 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)
Networkers International Interim GBP 3.80 176.00
Pan African Resources Prelim GBP 2.34 96.71
InternetQ Interim GBP 16.34 43.93
Hellenic Carriers Interim GBP 0.07 35.49
Note: All Estimates are for Full Year
Associated British Foods
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, e-Therapeutics, Ecofin Water & Power Opportunities, Invesco
Property Income Trust Ltd.
Invesco Property Income Trust Ltd., JSC Kazkommertsbank GDR (Reg S)
News Corp. 'A' Shares, News Corp. 'B' Shares
Creston, Greene King
New Europe Property Investments, Rank Group
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)
Gruppo Coin Spa H1 EUR 0.64 1,831.16
VM Materiaux Sa Q2 EUR 4.14 707.60
Lanson-Bcc Sa Q2 EUR 3.86 319.65
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
Brady Corp Q4 USD 2.47 1,410.00 D
Napco Security Technologies Inc Q4 USD 0.20 80.00 D
pSivida Corp Q4 USD 0.76 32.54 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. 12 September 2011
What’s Hot & What’s Not
Barclays -9.4%
15.2% Tullow Oil
2.2% British Sky Broadcasting ITV -6.3%
Intl Consolidated Airlines Group -6.3%
0.8% Imperial Tobacco Group
0.4% Randgold Resources Ltd Vedanta Resources -6.1%
0.1% Fresnillo Xstrata -5.9%
Autonomy Corp Lloyds Banking Group -5.7%
0.04%
Aviva -5.6%
Man Group -5.6%
Royal Bank of Scotland -5.5%
Kazakhmys -5.4%
0.0% 4.0% 8.0% 12.0% 16.0% -10.0% -7.5% -5.0% -2.5% 0.0%
Major Movers & Shakers
 Banking stocks, Barclays, Lloyds Banking Group and RBS, tumbled between 5.5% and 9.4%, amid increasing worries about the
Eurozone debt crisis and ahead of the publication of the final recommendations from the UK’s Independent Commission on
Banking on Monday.
 Miners, Vedanta Resources, Xstrata and Kazakhmys, slumped between 5.4% and 6.1%, tracking lower base metal prices.
 Tullow Oil surged 15.2%, after the company reported a new oil discovery at its Zaedyus exploration well.
 Precious metal stocks, Fresnillo and Randgold resources, advanced 0.1% and 0.4%, respectively, tracking higher silver and gold
prices.
 British Sky Broadcasting rose 2.2%, after Goldman Sachs recommended the stock as a relatively safe investment in a crisis.
5 From The Floor Refer to the last page for disclaimer

6. 12 September 2011
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6 From The Floor