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

1. From The Floor
21 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed sharply lower on Friday, with the FTSE 100 index
FTSE 100 5,362.9  -1.1% -3.3% -0.9% -7.0% extending losses for the fifth consecutive day, after policy makers failed to
DJSTOXX 50 2,229.6  -0.7% -2.7% -0.6% -13.8% reach a consensus on how to quell the eurozone debt crisis. Among banking
FTSEurofirst 300 951.0  -0.7% -3.4% -1.2% -14.2% sector stocks, HSBC, Barclays and Lloyds Banking Group declined between
German DAX 30 5,800.2  -0.9% -4.2% -1.3% -15.1%
0.7% and 2.0%, amid concerns over their exposure to the risky European
French CAC 40 2,997.0  -0.4% -4.8% -4.6% -22.5%
government debt. Outsourcing firm, Capita Group, the top laggard on the
Russia RTS Index 1,495.9  -1.1% -2.3% 4.8% -6.4%
S&P 500 1,215.7  0.0% -3.8% -0.8% 1.6%
FTSE 100 index, slumped 4.1%, after it forecasted a sharp decline in its
Dow Jones Industrials 11,796.2  0.2% -2.9% 1.9% 5.5%
“organic revenue” for the full year 2011. Miners, Rio Tinto, Anglo American
Nasdaq Composite 2,572.5  -0.6% -4.0% -3.2% 2.3% and BHP Billiton slipped between 1.4% and 2.2%, amid concerns over a
Brazil Bovespa 56,731.3  -0.5% -3.1% 3.1% -19.8% slowdown in Chinese demand. ARM Holdings retreated 3.9%, after its
Nikkei 225* 8,362.1  -0.2% -1.6% -4.2% -16.4% president issued a cautious outlook for 2012. BG Group slipped 1.3%, after
Shanghai Composite* 2,407.7  -0.4% -2.6% 1.4% -15.7% its US shale gas joint venture partner, Exco, cut its investment budget for
Sensex* 16,228.6  -0.9% -4.8% -2.2% -17.9% 2012. Aviva slid 1.8%, after it sold bonds worth $400 million. FTSE 100 shed
*Time - BST 6:13:20 AM 1.1% to end at 5,362.9. FTSE 250 lost 1.0% to settle at 10,044.4.
5,430
European Market Snapshot
 Other European markets slid on Friday, after reports of a disagreement
5,410 between France and Germany over the role of European Central Bank (ECB)
in containing the region’s sovereign debt crisis overshadowed better-than-
5,390 expected US economic data. Among banking stocks, Deutsche Bank, Societe
Generale and KBC Groep, plummeted between 1.2% and 7.0%, as risk
5,370 appetite decreased among investors. Chemical maker, Kemira, sank 14.0%,
after it trimmed its full-year earnings estimate. Consumer sector stock, TUI,
5,350 declined 3.0%, after the company announced to sell its remaining stake in
8:00 9:45 11:30 13:15 15:00 16:35 the container-shipping company, Hapag-Lloyd, in January. Technology stocks,
Infineon Technologies and Aixtron, lost 2.3% and 1.2%, respectively, after
their UK peer, ARM Holdings, issued a cautious outlook for 2012.
11,860
FTSEurofirst 300 index declined 0.7% to 951.0. German DAX Xetra 30
dropped 0.9% to 5,800.2. French CAC-40 edged down 0.4% to 2,997.0.
11,835
US Market Snapshot
11,810
 US markets ended mixed on Friday, as an apparent failure of US lawmakers
to agree on cutting the country's deficit and concerns about ongoing
11,785
eurozone debt crisis offset positive economic data. Salesforce.com, the top
laggard on the S&P 500 index, declined 10.0%, after it posted a loss in its
11,760
9:30 10:45 12:00 13:15 14:30 15:45 third quarter results. Ketchup maker, Heinz fell 3.3%, after its second-quarter
net income dropped 6.0%. Retailer, Gap slid 2.5%, after its third-quarter
results missed market expectations. Telecom services provider, Clearwire
slumped 21.0%, after a report quoted that it might miss a debt payment due
8,380
in two weeks. However, Hewlett-Packard, the top gainer on the DJIA index,
rose 2.6%, after it added Relational Investors LLC’s Ralph Whitworth to its
8,370
board, while Boeing advanced 2.1%, after it won an order from Indonesian
carrier Lion Air. DJIA edged up 0.2% to close at 11,796.2. NASDAQ declined
8,360
0.6% to 2,572.5. S&P 500 finished marginally lower to 1,215.7.
8,350
Asian Market Snapshot
8,340  Asian markets are trading lower this morning, amid speculation that the US
9:00 9:45 10:30 11:15 13:00 13:45
congressional committee might fail to reach an agreement on deficit-cutting
measures and as investors remained concerned about the eurozone debt
Manoj Ladwa 0207 392 1487
crisis. In Japan, Sony and Toyota Motors, paced declines, after data showed
Index and Equity Desk 0207 392 1479
that Japan’s exports fell more-than-expected in October. In Hong Kong,
Institutional Equities 0207 392 1477 Hang Seng Bank, ICBC and HSBC Holdings traded lower, after Chinese Vice-
Commodities 0207 392 1403 Premier, Wang Qishan, issued bearish comments on the global economic
Options 0207 392 1472 outlook. China Vanke and Poly Real Estate Group paced losses, after Xinhua
Currencies 0207 392 1455 News Agency stated that the government might not lift property curbs until
Internet Dealing Desk 0207 392 1434 the third-quarter of the next year. In South Korea, Kangwon Land lost value
after a broker downgraded the stock to “Trading Buy” from “Buy”. Nikkei
225 index is trading 0.2% lower, at 8,362.1. Hang Seng index is trading 1.8 %
lower at 18,153.0, while the Kospi index is trading 0.8% lower, at 1,825.1.
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. 21 November 2011
Commodities
100.5
1740.0 7,860 2,150
99.6 1733.0 7,745 2,133
$/ M T
$/ b b l
7,630 2,115
$ /OZ
98.7 1726.0
7,515 2,098
97.7
1719.0
7,400 2,080
96.8
0:00 7:30 14:20 0:10 1712.0 7-Nov 10-Nov 15-Nov 18-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for January delivery is trading 0.3% or 0.33 lower at $97.34 per barrel. On Friday, crude oil for December
delivery fell 1.4% or $1.41 to expire at $97.41 per barrel, amid speculation that the reversal of the Seaway pipeline would not
be enough to eliminate a surplus in the US Midwest. Crude oil also lost value, amid speculation that a slowdown in the global
economy would curb energy demand.
 Gold for immediate delivery is trading 0.1% lower today, at $1,722.75 per ounce. Gold for December delivery rose 0.3% or
$4.90 to settle at $1,725.10 per ounce on Friday, mounting concerns about the Eurozone debt crisis spurred investment in the
precious metal as a safe haven. A fall in the dollar against the euro also supported gold prices.
Currencies
1.1740 1.5900 1.3630
1.1713 1.5855 1.3580
1.1685 1.5810 1.3530
1.1658 1.5765
1.3480
1.1630 1.5720
1.3430
0:00 7:00 14:00 21:00 0:00 0:00 7:00 14:00 21:00 4:00
0:00 7:00 14:00 21:00 3:50
 At 0400 BST today, the GBP is trading 0.4% lower against the USD at $1.5745, 0.4% lower against the EUR at €1.1638, and
0.6% lower against the JPY at ¥120.88.
 The EUR is trading marginally higher against the USD at $1.3529, after comments from President of Federal Reserve Bank of
New York, William C. Dudley increased speculation that the US Central Bank would ease its monetary policy.
 The EUR is trading 0.1% lower against the JPY at ¥103.86.
 The USD and the JPY appreciated against most of the major currencies amid speculation that the US Congressional committee
might announce today that it failed to reach an agreement on deficit cuts, increasing demand for safe haven currencies.
 The GBP is trading lower against the EUR, amid speculation that European leaders would increase efforts to resolve the
region’s sovereign debt crisis.
 The AUD and NZD are trading lower against the USD and the JPY, amid speculation that the US might face another credit
rating downgrade, damping demand for higher-yielding assets.
 On Friday, the EUR ended higher against the USD, amid reports that the ECB would lend money to the International Monetary
Fund which would be used to finance bailouts of European countries facing the debt crisis.
 The CAD closed higher against the USD, after reports showed that consumer prices in Canada rose more-than-expected in
October.
2 From The Floor Refer to the last page for disclaimer

3. 21 November 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 0:01 Rightmove House Prices (MoM) (Nov) -3.10%* 2.80% Monthly
UK 0:01 Rightmove House Prices (YoY) (Nov) 1.20%* 1.20% Monthly
Eurozone 9:00 Current Account n.s.a. (Sep) - - €6.30 bn Monthly
Eurozone 9:00 Current Account s.a. (Sep) - - €5.00 bn Monthly
Switzerland 8:00 Money Supply M3 (YoY) (Oct) - 8.20% Monthly
US 13:30 Chicago Fed Nat Activity Index (Oct) 0.19 -0.22 Monthly
US 15:00 Existing Home Sales (Oct) 4.80 mn 4.91 mn Monthly
US 15:00 Existing Home Sales (MoM) (Oct) -2.20% -3.00% Monthly
US - Fed's Lockhart to Speak on Economy in Sao Paulo, Brazil - - -
Canada 13:30 Wholesale Sales (MoM) (Sep) 0.70% 0.20% Monthly
Japan 4:30 All Industry Activity Index (MoM) (Sep) -0.90%* -0.50% Monthly
Japan 5:00 Coincident Index (Sep) - 88.90 Monthly
Japan 5:00 Leading Index (Sep) - 91.60 Monthly
Japan 7:00 Convenience Store Sales (YoY) (Oct) - -4.00% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 1.4%
UK 0.5% 5.0% 2.3%
US 1.6% 3.5% 2.0% 0.9%
Japan 0.0% 0.0% 1.0%
0.5%
France 1.6% 2.3% 3.5%
Germany 2.5% 2.5% 2.0%
0.0%
Brazil 3.1% 7.0% 4.0%
Russia 4.8% 7.2% 6.0% -0.5%
Oct-09
Apr-10
Jun-10
Apr-11
Jun-11
Dec-09
Aug-10
Oct-10
Aug-11
Oct-11
Feb-10
Dec-10
Feb-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. 21 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)
MITIE Group Interim GBP 22.63 2,026.21
Diploma Plc Prelim GBP 29.10 245.39
Invista Foundation Property Trust Interim GBP - -
Note: All Estimates are for Full Year
Origin Enterprises, Worldspreads Group
Thames River Multi Hedge PCC Ltd. Realisation Shares
JPMorgan Emerging Markets Inv Trust
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)
Envitec Biogas AG Q3 EUR 0.37 182.60
Analytik Jena AG Prelim EUR 0.64 92.78
Rtx Telecom A/S Q4 DKK - -
Globus Maritime Ltd Q3 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
Hewlett Packard Co Q4 USD 4.60 126,390.00 A
Tyson Foods Inc Q4 USD 2.05 33,980.00 D
Tech Data Corp Q3 USD 5.12 26,850.00 D
Valspar Corp Q4 USD 2.82 4,150.00 D
Collective Brands Inc Q3 USD 0.84 3,460.00 U
Analog Devices Inc Q4 USD 2.67 3,000.00 D
Brown Shoe Co Inc Q3 USD 0.89 2,690.00 U
Brocade Communications Systems Inc Q4 USD 0.46 2,170.00 U
Jack In The Box Inc Q4 USD 1.69 2,090.00 D
Zale Co rp Q1 USD (1.38) 1,810.00 D
Dycom Industries Inc Q1 USD 0.91 1,140.00 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. 21 November 2011
What’s Hot & What’s Not
Carnival Capita Group -4.1%
1.7%
1.1% Intl Consolidated Airlines Group Inmarsat -4.0%
ARM Holdings -3.9%
1.0% ITV
1.0% ICAP Weir Group -3.7%
0.8% RSA Insurance Group Glencore International -3.4%
Petrofac Ltd Standard Life -3.1%
0.8%
0.7% BT Group Fresnillo -2.7%
British Sky Broadcasting Rolls-Royce Group -2.6%
0.6%
0.3% Royal Bank of Scotland Antofagasta -2.5%
0.3% Schroders BAE Systems -2.4%
0.0% 0.5% 1.0% 1.5% 2.0% -4.5% -3.4% -2.3% -1.1% 0.0%
Major Movers & Shakers
 Carnival rose 1.7%, after Jefferies initiated coverage on the stock with a “Buy” rating.
 International Consolidated Airlines gained 1.1%, in line with a rise in its US peer, American airlines.
 BT Group added 0.7%, after its appeal against proposed cut in the prices for its broadband service was referred to the
Competition Commission.
 Capita dropped 4.1%, after it forecasted full year 2011 “organic revenue” to decline 7.0%.
 Inmarsat lost 4.0%, amid speculation that it might lose its blue-chip status in next month’s FTSE index review.
 ARM Holdings fell 3.9%, after its president issued a cautious outlook for 2012.
5 From The Floor Refer to the last page for disclaimer

6. 21 November 2011
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6 From The Floor