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

1. From The Floor
13 October 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed higher yesterday, led by gains in mining sector stocks,
FTSE 100 5,441.8  0.9% 6.7% 6.1% -4.1% amid optimism over increase in Chinese demand and as Slovakia agreed to
DJSTOXX 50 2,277.6  1.2% 5.9% 10.8% -9.6% pass a new vote to support the expansion of the eurozone bailout fund.
FTSEurofirst 300 977.0  1.6% 6.6% 9.7% -9.1% Additionally, a call by EC president Jose Manuel Barroso to establish a
German DAX 30 5,994.5  2.2% 9.5% 18.2% -5.0%
permanent bailout fund by the middle of 2012, one year ahead of schedule,
French CAC 40 3,229.8  2.4% 8.6% 13.1% -14.3%
buoyed market sentiment. Among mining stocks, ENRC, the top gainer on
Russia RTS Index 1,407.8  3.9% 15.7% -10.1% -11.4%
S&P 500 1,207.3  1.0% 5.5% 3.9% 3.6%
the FTSE 100 index, surged 7.4%, on news that the company’s customers
Dow Jones Industrials 11,518.8  0.9% 5.3% 4.1% 4.6%
have agreed to hold ferrochrome prices for the fourth-quarter. Among
Nasdaq Composite 2,604.7  0.8% 5.9% 4.4% 8.4% banking stocks, Royal Bank of Scotland and Barclays climbed 2.0% and 6.4%,
Brazil Bovespa 53,838.5 1.1% 5.5% -3.3% -24.1% respectively, as Society Generale issued an upbeat note on UK banks. Insurer,
Nikkei 225* 8,830.3  1.0% 4.2% 2.4% -8.9% Aviva gained 5.6%, as Numis initiated coverage on the stock with a “Buy”
Shanghai Composite* 2,432.2  0.5% 0.5% -3.1% -13.8% rating. Burberry climbed 3.5%, after it reported fiscal second-quarter sales
Sensex* 17,045.8  0.5% 7.4% 2.8% -16.6% that surpassed market expectations. FTSE 100 gained 0.9% to 5,441.8, while
*Time - BST 5:11:12 AM FTSE 250 rose 1.6% to 10,320.0.
5,460
European Market Snapshot
 Other European markets closed higher yesterday, amid optimism that the
5,430 eurozone rescue fund would be approved, as Slovakian lawmakers agreed to
hold a second vote later this week, and after data showed that eurozone
5,400 industrial activity unexpectedly rose in August. Moreover, various broker
upgrades lifted investor sentiments further. BNP Paribas, rallied 5.7%, after
5,370 Societe Generale upgraded the stock to “Buy” from “Hold”. Chip-equipment
maker, ASML, soared 6.3%, after the company reported a 32.0% rise in its
5,340 third-quarter profit. Fiat rallied 7.8%, after the company’s Chrysler unit
8:00 9:45 11:30 13:15 15:00 16:35 reached a tentative contract agreement with the United Auto Workers
union. Nokia climbed 3.3%, after Nomura Securities upgraded the stock to
“Neutral” from “Reduce” and raised its earnings estimate. FTSEurofirst 300
11,620
index rose 1.6% to 977.0. German DAX Xetra 30 rose 2.2% to 5,994.5. French
CAC-40 edged up 2.4% to 3,229.8.
11,565
US Market Snapshot
11,510
 US markets closed higher yesterday, after Slovakian policymakers agreed to
another vote on expanding the eurozone financial rescue fund, and as the
11,455
Federal Reserve minutes indicated that some officials wanted to keep the
option of further asset purchases open. PepsiCo advanced 2.9%, after it
11,400
9:30 10:45 12:00 13:15 14:30 15:45 reported third-quarter earnings that surpassed market expectations. Among
financial stocks, JP Morgan Chase rose 2.8%, ahead of its third-quarter
earnings, while Bank of America, American Express and Citigroup gained
between 2.8% and 4.9%, amid optimism that Europe would contain the debt
8,860
crisis. Apparel maker, Liz Claiborne rallied 34.1%, after it agreed to dispose-
of its major brands to J.C. Penney. Sprint Nextel climbed 7.6%, amid
8,825
optimism that it would be able to raise required capital for the roll-out of its
fourth-generation services without issuing new equity. DJIA gained 0.9% to
8,790
11,518.8. NASDAQ climbed 0.8% to 2,604.7. S&P 500 rose 1.0% to 1,207.3.
8,755
Asian Market Snapshot
8,720  Asian markets are trading higher this morning, tracking overnight gains on
9:00 9:45 10:30 12:30
Wall Street, and amid optimism that policy makers in Europe and the US
would prevent the global economy from sliding into a recession. In Japan,
Manoj Ladwa 0207 392 1487
banks, Mitsubishi UFJ traded higher, after the EC President, Jose Barroso, laid
Index and Equity Desk 0207 392 1479
out a plan to recapitalize European banks. Honda Motor and Nintendo
Institutional Equities 0207 392 1477 paced gains, after the Federal Reserve minutes showed that some officials
Commodities 0207 392 1403 wanted to keep the option of further asset purchases open. Elpida Memory
Options 0207 392 1472 gained values, after their European peer, ASML Holding, reported a rise in
Currencies 0207 392 1455 3Q earnings. In Hong Kong, banking stocks, Bank of China and Hang Seng
Internet Dealing Desk 0207 392 1434 Bank traded higher. In South Korea, automakers, Mazda Motor, Kia Motors
and Hyundai Motor, paced gains, on optimistic news from Europe. Nikkei
225 index is trading 1.0% higher, at 8,830.3. Hang Seng index is trading 1.5%
higher at 18,607.6, while the Kospi index is trading 1.3% higher, at 1,832.4.
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. 13 October 2011
Commodities
86.7
1690.0 7,580 2,220
86.2 1682.5 7,345 2,193
$/ M T
$/ b b l
7,110 2,165
$ /OZ
85.6 1675.0
6,875 2,138
85.1
1667.5
6,640 2,110
84.5
0:00 5:30 11:00 16:30 22:40 1660.0 29-Sep 4-Oct 7-Oct 12-Oct
0:00 5:40 11:20 17:00 23:30 Copper - LHS Aluminium - RHS
 In Asia, crude oil for November delivery is trading 0.8% or 66 cents lower at $84.91 per barrel. Yesterday, crude oil for
November delivery dropped 0.3% or 24 cents to end at $85.57 per barrel, after minutes from the latest FOMC meeting showed
Federal Reserve officials were concerned about the economic growth. Crude oil prices also lost value, amid speculation that US
crude-oil inventories rose by 800,000 barrels last week. However, losses were limited on hopes that the European lawmakers
would resolve the sovereign-debt crisis and as the dollar depreciated against the euro.
 Gold for immediate delivery is trading marginally higher today, at $1,679.41 per ounce. Gold for December delivery added 1.3%
or $21.60 to end at $1,682.60 per ounce yesterday, as the dollar weakened against the major currencies, increasing the
demand for the precious metal as a hedge against inflation.
Currencies
1.1450 1.5820 1.3850
1.1433 1.5745 1.3775
1.1415 1.5670 1.3700
1.1398 1.5595
1.3625
1.1380 1.5520
1.3550
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 higher against the USD at $1.5737, marginally lower against the EUR at
€1.1417, and 0.1% lower against the JPY at ¥121.23.
 The EUR is trading 0.1% higher against the USD at $1.3785, ahead of the European Commission President Jose Barroso’s speech
in Brussels, and amid optimism that Slovakia would approve Europe’s enhanced bailout fund completing the ratification
process across the 17 euro countries.
 The EUR is trading 0.1% lower against the JPY at ¥106.19.
 The JPY is trading higher against the USD, on speculation that Japanese exporters bought the currency.
 The AUD is trading higher against the USD, following a report that showed that Australia’s jobless rate fell for the first time
since March as number of people employed rose more-than-forecast.
 Yesterday, the EUR ended higher against the USD, on hopes that European leaders would contain the sovereign-debt crisis,
after Slovakia’s political parties agreed to pave the way for the parliament to approve enhancements to the EFSF, increasing
the demand for high yielding assets.
 The CHF closed higher against the USD and the EUR, amid optimism that the Swiss National Bank would adjust its cap to
further weaken the currency.
2 From The Floor Refer to the last page for disclaimer

3. 13 October 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
UK 9:30 Visible Trade Balance (Aug) -£8.80 bn -£8.92 bn Monthly
UK 9:30 Total Trade Balance (Aug) -£4.25 bn -£4.45 bn Monthly
UK 9:30 Trade Balance Non-EU (Aug) -£5.35 bn -£5.50 bn Monthly
Germany 7:00 Consumer Price Index (MoM) (Sep) 0.10% 0.10% Monthly
Germany 7:00 Consumer Price Index - EU Harmonised (MoM) (Sep) 0.10% 0.10% Monthly
Germany 7:00 Consumer Price Index - EU Harmonised (YoY) (Sep) 2.80% 2.80% Monthly
Eurozone 9:00 ECB Publishes Oct. Monthly Report - - -
Switzerland 8:15 Producer & Import Prices (MoM) (Sep) -0.10% -1.20% Monthly
US 13:30 Continuing Jobless Claims (W/E) 3710.0 K 3700.0 K Weekly
US 13:30 Initial Jobless Claims (W/E) 405.00 K 401.00 K Weekly
US 13:30 Trade Balance (Aug) -$46.00 bn -$44.80 bn Monthly
US 14:45 Bloomberg Consumer Comfort (W/E) - -50.20 Weekly
US 15:30 DOE Cushing OK Crude Inventory (W/E) - -831.00 K Weekly
US 15:30 DOE U.S. Crude Oil Inventories (W/E) (Barrel) - -4679.0 K Weekly
US 15:30 DOE U.S. Distillate Inventory (W/E) - -744.00 K Weekly
US 15:30 DOE U.S. Gasoline Inventories (W/E) - -1137.0 K Weekly
US 19:00 Monthly Budget Statement (Sep) -$61.90 bn -$134.15 bn Monthly
Canada 13:30 International Merchandise Trade (Aug) -C$0.90 bn -C$0.75bn Monthly
Japan 0:50 Tertiary Industry Index (MoM) (Aug) -0.20%* -0.30% Monthly
Japan 0:50 Bank Lending Banks Excluding Trust (Sep) -0.30%* -0.50% Monthly
Japan 0:50 Bank Lending Including Trusts (YoY) (Sep) -0.30%* -0.50% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 40.00
UK 0.7% 4.5% 2.5%
US 1.6% 3.8% 2.1% 18.75
Japan -1.0% 0.2% 1.0%
-2.50
France 1.6% 2.2% 2.8%
Germany 2.7% 2.4% 2.0%
-23.75
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -45.00
Oct-09
Apr-10
Jun-10
Apr-11
Jun-11
Dec-09
Aug-10
Oct-10
Feb-10
Dec-10
Aug-11
Feb-11
India 7.7% 9.0% 8.6%
China 9.5% 6.2% 3.9%
3 From The Floor Refer to the last page for disclaimer

4. 13 October 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)
Booker Group Plc Interim GBP 4.13 3,795.59
WH Smith Prelim GBP 57.13 1,273.66
Air Partner Plc Prelim GBP 35.10 288.10
dotDigital Group Prelim GBP - -
Note: All Estimates are for Full Year
Grainger, Ashmore Group, Eaga, Hargreaves Lansdown, Ladbrokes, Renishaw, E2V Technologies Plc, Hamworthy Plc
Argos Resources Ltd. (DI), Eaga, Mattioli Woods, Renishaw
Telekomunikacja Polska GDR (Reg S), Zhejiang Expressway Co 'H' Shares
Best of the Best
Berendsen, Hikma Pharmaceuticals, Macfarlane Group, Molins, UBM, Zotefoams
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)
Carrefour Sa Q3 Sales EUR 1.56 83,015.90
Roche Holding Ag Q3 Sales CHF 12.66 44,540.50
Suedzucker Ag Mannheim Ochsenfurt Q2 EUR 1.66 6,538.85
Agrana Beteiligungs Ag Q2 EUR 8.09 2,348.62
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
JPMorgan Chase & Co Q3 USD 4.69 100,630.00 U
Safeway Inc Q3 USD 1.70 43,040.00 D
Google Inc Q3 USD 35.48 28,660.00 U
Fastenal Co Q3 USD 1.21 2,740.00 B
Valmont Industries Inc Q3 USD 5.87 2,550.00 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. 13 October 2011
What’s Hot & What’s Not
ENRC Man Group -6.0%
7.4%
6.9% Antofagasta Tullow Oil -3.9%
British American Tobacco -2.4%
6.4% Barclays
5.6% Aviva Fresnillo -2.0%
5.5% Kazakhmys International Power -1.9%
Xstrata Wolseley -1.6%
4.8%
4.3% IMI Shire -1.6%
Vedanta Resources Tesco -1.5%
4.1%
3.8% Intercontinental Hotels Group National Grid -1.3%
3.7% Intertek Group United Utilities -1.1%
0.0% 2.0% 4.0% 6.0% 8.0% -6.5% -4.9% -3.3% -1.6% 0.0%
Major Movers & Shakers
 ENRC surged 7.4%, on news that the company’s customers have agreed to hold ferrochrome prices for the fourth-quarter.
 Miners, Antofagasta, Xstrata and Vedanta Resources, soared between 4.1% and 6.9%, in line with a rise in metal prices.
 Barclays rallied 6.4%, tracking gains in its European peers.
 Insurer, Aviva gained 5.6%, as Numis initiated coverage on the stock with a “Buy” rating.
 Man Group tumbled 6.0%, after the company stated that its flagship AHL fund lost 5.5% of its value last week.
 Tullow Oil lost 3.9%, after Uganda voted to delay the company’s $2.9 billion asset sale.
 Fresnillo declined 2.0%, after the company reported a drop in its quarterly silver production.
5 From The Floor Refer to the last page for disclaimer

6. 13 October 2011
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6 From The Floor