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

1. From The Floor
14 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets rallied on Friday, led by a sharp gain in financial sector stocks,
FTSE 100 5,545.4  1.8% 0.3% 2.8% -4.6% after Italy approved austerity measures and Greece named a new leader,
DJSTOXX 50 2,291.2  2.1% 0.4% 1.9% -11.8% easing worries about the debt crisis in the Eurozone. Schroders, the top riser
FTSEurofirst 300 984.6  2.2% 0.5% 2.4% -11.2% on the FTSE 100 index, jumped 6.8%, following an upgrade to “Hold” from
German DAX 30 6,057.0  3.2% 1.5% 3.3% -9.9%
“Sell” at Deutsche Bank, in the wake of a surge in its AUM. Among banking
French CAC 40 3,149.4  2.8% 0.8% -0.1% -18.6%
stocks, Barclays, Lloyds Banking Group and Royal Bank of Scotland gained
Russia RTS Index 1,530.7  0.1% -0.8% 12.9% -6.1%
S&P 500 1,263.9  1.9% 0.8% 5.7% 4.1%
between 5.2% and 6.4%, amid easing worries over contagion risk from the
Dow Jones Industrials 12,153.7  2.2% 1.4% 6.5% 7.7%
Euro-zone crisis. International Consolidated Airlines Group rallied 4.9%, after
Nasdaq Composite 2,678.8  2.0% -0.3% 3.7% 4.8% it set impressive profit targets and amid optimism that it would pay a
Brazil Bovespa 58,547.0  2.1% -0.2% 8.7% -17.8% dividend to shareholders for the first time. Rolls-Royce climbed 4.0%, after it
Nikkei 225* 8,607.2  1.1% -3.3% -3.0% -13.7% reiterated its profit target for 2011. Smiths Group added 2.9%, amid
Shanghai Composite* 2,523.4  1.7% -1.9% 5.6% -21.2% renewed takeover buzz. FTSE 100 soared 1.9% to end at 5,545.4. FTSE 250
Sensex* 17,343.2  0.9% -2.1% 4.0% -16.5% surged 2.0% to settle at 10,389.3.
*Time - BST 6:15:25 AM
European Market Snapshot
5,550  Other European markets closed sharply higher on Friday, led by impressive
gains in financial sector stocks, after Italian Senate approved a debt-
5,520 reduction package. Moreover, encouraging corporate results buoyed market
sentiment. Financial sector stocks, Intesa Sanpaolo, Dexia and Deutsche
5,490 Bank, rallied between 5.8% and 9.0%, as risk aversion decreased among
investors, while KBC Groep soared 8.8%, after Exane BNP Paribas upgraded
5,460 the stock to “Neutral” from “Underperform”. Insurer, Allianz, soared 5.6%,
after its third-quarter operating profit surpassed market expectations.
5,430 Communications sector stock, Telecom Italia, surged 5.3%, after it reported
8:00 9:45 11:30 13:15 15:00 16:35
better-than-expected third-quarter earnings. HeidelbergCement rose 2.1%,
after positive comments from various brokers. FTSEurofirst 300 index rallied
2.2% or 21.0 points to 984.6. German DAX Xetra 30 soared 3.2% or 189.2
12,200
points to 6,057.0. French CAC-40 climbed 2.8% or 84.5 points to 3,149.4.
12,115 US Market Snapshot
 US markets finished sharply higher on Friday, on the back of stability in
12,030
Europe, following approval of austerity measures in Italy and leadership
change in Greece. Further, a better-than-expected reading on consumer
11,945
sentiment buoyed market sentiment. Walt Disney, the top gainer on the
DJIA index, rose 6.0%, after its fourth-quarter earnings surpassed market
11,860
9:30 10:45 12:00 13:15 14:30 15:45 expectations. Technology bellwether firm, Cisco, climbed 5.5%, after posting
higher-than -expected first quarter profit. Nvidia gained 3.5%, after its third-
quarter profit more than doubled. Among insurers, Glenworth Financial
surged 6.1%, after Citigroup lifted its rating on the stock to “Neutral” from
8,670
“Sell”, while Lincoln National rose 3.5%, amid easing concerns about losses in
its European holdings. Caterpillar rallied 4.3%, after it indicated that it
8,628
intends to open a new manufacturing facility in North America and move
some production there from Japan. DJIA surged 2.2% to 12,153.7. NASDAQ
8,585
jumped 2.0% to 2,678.8. S&P 500 gained 2.0% to 1,263.9.
8,543
Asian Market Snapshot
8,500
9:00 9:45 10:30 11:15 13:00
 Asian markets are trading higher this morning, after Japan’s economy grew
for the first time in a year and on hopes that European leaders would be
able to contain the risks from the sovereign debt crisis. In Japan, financial
Manoj Ladwa 0207 392 1487
stocks, Nomura Holdings and Daiwa Securities paced gains, tracking a rise in
Index and Equity Desk 0207 392 1479
their European and US peers. Exporters, Nissan Motor, Sony and Mazda
Institutional Equities 0207 392 1477 Motor traded higher, amid optimism that global demand would recover. In
Commodities 0207 392 1403 Hong Kong, energy stocks, Cnooc and Petrochina traded higher, in line with
Options 0207 392 1472 a rise in crude oil prices. Metal producers, Jiangxi Copper and Aluminum
Currencies 0207 392 1455 Corp of China paced gains, tracking higher base metal prices. In South Korea,
Internet Dealing Desk 0207 392 1434 automaker, Hyundai Motor, gained value, after it announced to offer a
lifetime warranty and cut the price of its Sonata Hybrid to boost sales. Nikkei
225 index is trading 1.1% higher, at 8,607.2. Hang Seng index is trading 2.4%
higher, at 19,595.6, while the Kospi index is trading 2.1% higher, at 1,902.3.
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. 14 November 2011
Commodities
99.5
1800.0 8,000 2,208
98.9 1787.5 7,850
2,165
$/ M T
$/ b b l
7,700
$ /OZ
98.3 1775.0
2,123
7,550
97.6
1762.5
7,400 2,080
97.0
0:00 6:40 13:20 20:00 3:20 1750.0 31-Oct 3-Nov 8-Nov 11-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.1% or $0.12 higher at $99.11 per barrel. On Friday, crude for December
delivery advanced 1.2% or $1.21to settle at $98.99 per barrel, amid expectations of an increase in energy demand, as the yield
on Italian bonds fell, and after the Italian Senate approved austerity measures. Crude oil was supported by a fall in the dollar
against the euro.
 Gold for immediate delivery is trading 0.2% higher today, at $1,792.94 per ounce. Gold for December delivery rose 1.6% or
$28.50 to settle at $1,788.10 per ounce on Friday, as the dollar weakened against the major currencies, increasing the demand
for the precious metal as a hedge against inflation.
Currencies
1.1730 1.6100 1.3820
1.1700 1.6043 1.3755
1.1670 1.5985 1.3690
1.1640 1.5928
1.3625
1.1610 1.5870
1.3560
0:00 7:00 14:00 21:00 0:00 0:00 7:00 14:00 21:00 3:50
0:00 7:00 14:00 21:00 4:00
 At 0400 BST today, the GBP is trading marginally higher against the USD at $1.6070, 0.1% lower against the EUR at €1.1668,
and marginally higher against the JPY at ¥123.98.
 The EUR is trading 0.2% higher against the USD at $1.3773.
 The EUR is trading 0.2% higher against the JPY at ¥106.25.
 The EUR gained against the USD and the JPY, after Mario Monti took over as the new Italian Prime Minister, and after Greece’s
Finance Minister stated that he would make sure that the country receives a sixth loan under an EU bailout package.
 The NZD is trading higher against the USD, following a report that showed New Zealand’s retail sales increased by the most
since 2006.
 On Friday, the EUR ended higher against the USD and GBP, amid optimism that European policymakers were taking steps to
resolve the region’s sovereign-debt crisis, as Italy’s Senate approved austerity measures, and after Greece formed a unity
government.
 The GBP ended higher against the USD, after data showed UK factory output prices remained unchanged in October as costs
for chemicals, pharmaceuticals and electrical equipment dropped.
2 From The Floor Refer to the last page for disclaimer

3. 14 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
France 7:45 Current Account (Sep) ₋ -Є2.90 bn Monthly
Eurozone 10:00 Industrial Production s.a. (MoM) (Sep) -2.30% 1.40% Monthly
Eurozone 10:00 Industrial Production w.d.a. (YoY) (Sep) 3.60% 6.00% Monthly
Switzerland 8:15 Producer & Import Prices (MoM) (Oct) -0.30% -0.10% Monthly
Switzerland 8:15 Producer & Import Prices (YoY) (Oct) -1.90% -2.00% Monthly
Canada 18:00 Bank of Canada Governor, Carney Speaks ₋ ₋
Japan 4:30 Industrial Production (MoM) (Sep) ₋ -4.00% Monthly
Japan 4:30 Industrial Production (YoY) (Sep) ₋ -4.00% Monthly
Japan 4:30 Capacity Utilization (MoM) (Sep) ₋ 2.40% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 80.0
UK 0.5% 5.2% 2.2%
US 1.6% 3.9% 2.1% 72.5
Japan -1.0% 0.0% 1.0%
65.0
France 1.6% 2.3% 3.5%
Germany 2.7% 2.5% 1.8%
57.5
Brazil 3.1% 7.0% 4.0%
Russia 3.4% 7.2% 6.0% 50.0
Nov-09
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-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. 14 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)
Lonmin PLC Prelim GBP 1.24 2,082.86
Electrocomponents PLC Interim GBP 19.27 1,258.86
Robert Wiseman Dairies Plc Interim GBP 21.89 965.01
Cranswick PLC Interim GBP 63.31 789.35
Entertainment One Ltd (DI) Interim GBP 15.06 510.64
Majestic Wine PLC Interim GBP 26.30 283.61
E2V Technologies PLC Interim GBP 11.60 232.40
Note: All Estimates are for Full Year
Catlin Group Ltd., Interserve, Dignity Plc, Itv Plc, , Kingspan Group Plc [KGP]
CPL Resources
Lombard Risk Management, Travis Perkins, WPP
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)
Acs Actividades de Construccion y Servicios SA Q3 EUR 3.04 26,363.00
UniCredit SpA Q3 EUR 0.12 26,176.50
Hochtief AG Q3 EUR 2.19 21,019.40
Bilfinger Berger Se Q3 EUR 5.02 8,221.33
Obrascon Huarte Lain SA Q3 EUR 2.16 5,159.88
Telekom Austria AG Q3 EUR 0.55 4,461.47
Unione di Banche Italiane ScpA Q3 EUR 0.30 3,537.71
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
Lowes Companies Inc Q3 USD 1.59 49,650.00 D
Astea International Inc Q3 USD 7.51 20,320.00 D
J C Penney Co Inc Q3 USD 1.33 17,490.00 U
Urban Outfitters Inc Q3 USD 1.37 2,500.00 A
Dynegy Inc Q3 USD (1.61) 1,990.00 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. 14 November 2011
What’s Hot & What’s Not
Schroders Burberry Group -1.0%
6.8%
6.4% Royal Bank of Scotland BG Group -1.0%
Serco Group -0.5%
6.1% Lloyds Banking Group
5.3% Essar Energy WM Morrison Supermarkets -0.1%
5.2% Barclays
5.2% Weir Group
4.9% Intl Consolidated Airlines Group
4.9% Schroders NV
4.9% Hargreaves Lansdown
4.8% Prudential
0.0% 2.0% 4.0% 6.0% 8.0% -1.2% -0.9% -0.6% -0.3% 0.0%
Major Movers & Shakers
 Schroders rallied 6.8%, after Deutsche Bank raised its recommendation on the stock to “Hold” from “Sell”, following an
unexpected increase in institutional fund flows.
 Banking stock, RBS, Lloyds Banking Group and Barclays, rallied between 5.2% and 6.4%, as risk appetite increased among
investors.
 International Consolidated Airlines rose 4.9% after it announced operating profit target of €1.5 billion for 2015.
 Prudential advanced 4.8%, ahead of a three-day round of investor briefings next week.
 Burberry declined 1.0%, ahead of its interim results.
5 From The Floor Refer to the last page for disclaimer

6. 14 November 2011
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6 From The Floor