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

1. From The Floor
17 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed on a mixed note yesterday, with the FTSE 100 index
FTSE 100 5,509.0  -0.2% 0.9% 1.3% -3.0% ending lower, after Bank of England expressed concerns over UK’s economic
DJSTOXX 50 2,267.3  0.2% 0.6% 0.4% -10.7% outlook. Interdealer broker, ICAP lost 4.7%, as its Chief Executive, Michael
FTSEurofirst 300 970.6  0.0% 0.5% 0.5% -10.7% Spencer, warned of falling trading-volumes in October and November.
German DAX 30 5,913.4  -0.3% 1.4% 0.9% -11.3%
Publisher, Reed Elsevier lost 2.4%, following a dismal trading update. Essar
French CAC 40 3,064.9  0.5% -0.3% -3.2% -18.5%
Energy, the top laggard on the FTSE 100 index, extended its losses, declining
Russia RTS Index 1,520.8  -0.4% 0.5% 6.5% -3.0%
S&P 500 1,236.9  -1.7% 0.6% 3.0% 5.0%
5.3%, on the back of project delays and concerns over escalating costs.
Dow Jones Industrials 11,905.6  -1.6% 1.1% 4.5% 8.0%
Sainsbury, Marks & Spencer, Vodafone and British Sky Broadcasting slid
Nasdaq Composite 2,639.6  -1.7% 0.7% 0.9% 6.9% between 1.6% and 4.9%, as they went ex-dividend. However, Michael Page,
Brazil Bovespa 58,560.0  0.5% 1.8% 8.6% -15.4% the top gainer on the FTSE 250 index, jumped 5.8%, following a bullish note
Nikkei 225* 8,449.4  -0.2% -3.3% -4.7% -13.6% on the staffing sector's prospects by HSBC. Cairn Energy added 2.4%, after
Shanghai Composite* 2,467.7  0.0% -2.3% 1.1% -14.8% Societe Generale initiated coverage on the stock with a “Buy” rating. FTSE
Sensex* 16,715.5  -0.4% -3.4% -1.5% -15.6% 100 edged down 0.2% to 5,509.0. FTSE 250 rose 0.2 % to settle at 10,275.6.
*Time - BST 6:08:36 AM
European Market Snapshot
5,565  Other European markets closed mostly higher yesterday, amid optimism that
new leaders in Italy and Greece might prevent the escalation of the
5,535 European sovereign-debt crisis. Vivendi, rallied 5.6%, after its third-quarter
earnings surpassed market expectations. Staffing firms, Randstad and
5,505 Adecco, rose 4.3% and 3.2%, respectively, after HSBC upgraded both the
stocks to “Overweight” from “Neutral”. Among the key markets, the DAX
5,475 Xetra 30 index closed lower, led by losses in carmakers. Carmakers, BMW,
Volkswagen and Daimler, dropped between 0.9% and 3.2%, amid worries
5,445 over demand prospects, after ACEA stated that demand for cars in Eurozone
8:00 9:45 11:30 13:15 15:00 16:35
fell 3.7% MoM in October. Banking stock, Banca Milano, sank 13.2%, after
Moody’s downgraded its mortgage-covered bonds rating to “A1” from
“AAA”. Infineon slid 3.0%, after it trimmed its sales and revenue estimates
12,130
for 2012. FTSEurofirst 300 index rose marginally to 970.6. German DAX Xetra
30 fell 0.3% to 5,913.4. French CAC-40 advanced 0.5% to 3,064.9.
12,068
US Market Snapshot
12,005
 US markets slid sharply yesterday, after Fitch Ratings warned that contagion
from the Europe’s debt crisis would significantly increase large US banks’ risk.
11,943
Retailer, Abercrombie & Fitch, the top decliner on the S&P 500 index,
tumbled 13.6%, after its third-quarter earnings missed market expectations.
11,880
9:30 10:45 12:00 13:15 14:30 15:45 Refiners, Valero Energy, HollyFrontier Corp and Marathon Petroleum shed
between 9.3% and 11.7%, amid news that the Seaway pipeline would be
reversed, increasing costs of crude and narrowing profits for making fuel.
Wells Fargo, Goldman Sachs and Morgan Stanley lost between 1.4% and
8,485
8.0%, amid concerns over their exposure to "stressed European markets".
Rambus plunged 61.0%, after losing a legal row against Micron Technology.
8,464
DJIA lost 1.6% to close at 11,905.6. NASDAQ declined 1.7% to settle at
2,639.6. S&P 500 retreated 1.7% to end at 1,236.9.
8,443
8,421
Asian Market Snapshot
 Asian markets are trading mostly lower this morning, after Fitch ratings
8,400
9:00 9:45 10:30 11:15 13:00 13:45
signalled that European debt crisis poses a “serious risk” to US banks,
overshadowing hopes that new governments in Italy and Greece would
prevent the spread of sovereign debt crisis. In Japan, exporters, Canon,
Manoj Ladwa 0207 392 1487
Nissan Motor and Nintendo traded lower, as the yen traded higher against
Index and Equity Desk 0207 392 1479
the dollar. Sumitomo Mitsui Financial Group declined, tracking losses in its US
Institutional Equities 0207 392 1477 peers. In Hong Kong, exporters, Esprit Holdings and Li & Fung paced losses,
Commodities 0207 392 1403 as a slowdown in global economy raised concerns about demand outlook.
Options 0207 392 1472 Hang Seng Bank and Bank of Communications declined amid concerns over
Currencies 0207 392 1455 the global economy. In South Korea, Hynix Semiconductor gained value,
Internet Dealing Desk 0207 392 1434 after Rambus lost an antitrust case against the company and Micron
Technology. Nikkei 225 index is trading 0.2% lower, at 8,449.4. Hang Seng
index is trading 0.9 % lower at 18,793.3, while the Kospi index is trading
0.3% higher, at 1,861.0.
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. 17 November 2011
Commodities
103.0
1785.0 8,000 2,150
101.8 1776.8 7,850 2,135
$/ M T
$/ b b l
7,700 2,120
$ /OZ
100.5 1768.5
7,550 2,105
99.3
1760.3
7,400 2,090
98.0
0:00 6:40 13:20 20:00 3:20 1752.0 3-Nov 8-Nov 11-Nov 16-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.4% or $0.41 lower at $102.18 per barrel. Yesterday, crude for December
delivery rose 3.2% or $3.22 to end at $102.59 per barrel, after the US Energy Information Administration reported a decline of
1.1 million barrels in crude oil inventories for the week ended 11 November.
 Gold for immediate delivery is trading 0.1% lower today, at $1,760.80 per ounce. Gold for December delivery fell 0.4% or $7.90
to settle at $1,774.30 per ounce yesterday, as the dollar rose against the major currencies, decreasing the demand for the
precious metal as a hedge against inflation.
Currencies
1.1740 1.5830 1.3560
1.1715 1.5793 1.3523
1.1690 1.5755 1.3485
1.1665 1.5718
1.3448
1.1640 1.5680
1.3410
0:00 7:00 14:00 21:00 4:00 0:00 7:00 14:00 21:00 4:00
0:00 7:00 14:00 21:00 4:00
 At 0400 BST today, the GBP is trading 0.2% higher against the USD at $1.5730, 0.1% lower against the EUR at €1.1671, and
0.1% higher against the JPY at ¥121.16.
 The EUR is trading 0.3% higher against the USD at $1.3478.
 The EUR is trading 0.2% lower against the JPY at ¥103.82.
 The EUR is trading higher against the USD and the JPY, ahead of the auction of government bonds by Spain and France.
 The USD is trading higher against the AUD and the NZD, amid signs that European leaders are struggling to resolve the
region’s debt crisis, increasing demand for the safe haven assets
 Yesterday, the GBP closed lower against the USD, amid speculation that UK might expand its stimulus, after the Bank of
England stated that the country faces a “markedly weaker” outlook for economic growth, adding that growth might be
“broadly flat” in the first half of 2012.
 The USD closed higher against the EUR, amid speculation that the European Central bank might ease monetary policy, after
Italian, Dutch, French and Belgian bond yields rose to a record high, adding to fears that the eurozone debt crisis would spread
to region’s other economies.
2 From The Floor Refer to the last page for disclaimer

3. 17 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 Nationwide Consumer Confidence (Oct) 37.00* 45.00 Monthly
UK 9:30 Retail Sales excl. Auto Fuel (YoY) (Oct) -0.20% 0.40% Monthly
UK 9:30 Retail Sales excl. Auto Fuel (MoM) (Oct) -0.30% 0.70% Monthly
UK 9:30 Retail Sales incl. Auto Fuel (YoY) (Oct) -0.10% 0.60% Monthly
UK 9:30 Retail Sales incl. Auto Fuel (MoM) (Oct) -0.20% 0.60% Monthly
Eurozone 10:00 Construction Output s.a. (MoM) (Sep) - 0.20% Monthly
Eurozone 10:00 Construction Output w.d.a. (YoY) (Sep) - 2.50% Monthly
Switzerland 10:00 ZEW Survey (Expectations) (Nov) - -54.40 Monthly
US - MBA Mortgage Foreclosures (Q3) - 4.43% Quarterly
US - Mortgage Delinquencies (Q3) - 8.44% Quarterly
US 13:30 Building Permits (Oct) 600.00 K 589.00 K Monthly
US 13:30 Building Permits (MoM) (Oct) 1.90% -5.00% Monthly
US 13:30 Housing Starts (Oct) 606.00 K 658.00 K Monthly
US 13:30 Housing Starts (MoM) (Oct) -7.90% 15.00% Monthly
US 13:30 Continuing Claims W/E 3615.00 K 3615.00 K Weekly
US 13:30 Initial Jobless Claims W/E 395.00 K 390.00 K Weekly
US 15:00 Philadelphia Fed Manufacturing Survey (Nov) 9.00 8.70 Monthly
US 15:30 EIA Natural Gas Storage Change W/E (BCF) - 37.00 Weekly
Canada 13:30 International Securities Transactions (Sep) - C$7.92 bn Monthly
Canada 13:30 Canadian Investment in Foreign Securities (Sep) - -C$2.05 bn Monthly
Japan 6:00 Machine Tool Orders (YoY) (Oct) - 25.90% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 0.6%
UK 0.5% 5.0% 2.2%
US 1.6% 3.5% 2.1% 0.4%
Japan 0.0% 0.0% 1.0%
0.2%
France 1.6% 2.3% 3.7%
Germany 2.5% 2.5% 1.8%
-0.1%
Brazil 3.1% 7.0% 4.0%
Russia 4.8% 7.2% 6.0% -0.3%
Oct-09
Apr-10
Jun-10
Apr-11
Jun-11
Dec-09
Aug-10
Oct-10
Oct-11
Feb-10
Dec-10
Aug-11
Feb-11
India 7.7% 10.1% 8.9%
China 9.1% 5.5% 3.6%
3 From The Floor Refer to the last page for disclaimer

4. 17 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)
SABMiller Plc Interim GBP 2.14 20,551.20
National Grid Plc Half Yearly GBP 49.48 14,786.60
Investec Plc Interim GBP 47.68 1,991.95
WS Atkins Plc Interim GBP 78.21 1,721.24
Mothercare Plc Interim GBP 14.48 787.24
BTG Plc Interim GBP 4.91 154.02
Metric Property Investment Interim GBP 3.86 15.43
Note: All Estimates are for Full Year
Alpha UK Multi Property Trust, Amec, Amlin, Chaucer Holdings, Close Brothers Group, CLS Holdings, Derwent London,
Glencore International, Lamprell, Rexam, Ricardo, Serco Group, Ted Baker, UTV Media, Vitec Group, Pace Plc, Hunting
Plc, Bumi Plc, Centrica Plc
Alternative Asset Opportunities PCC Ltd., Close Brothers Group, Dunelm Group, El Oro Ltd, New Star Investment Trust,
Ricardo, Sacoil Holdings (DI), Versatile Systems Inc. (DI)
IndigoVision Group, Strategic Equity Capital, Thorpe (F.W.), Wilmington Group
Aviva, British Polythene Industries, Game Group, Scisys, Tullett Prebon
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)
Koninklijke BAM Groep NV Q3 EUR 0.58 7,687.14
Dof ASA Q3 NOK (0.30) 6,357.25
Air Berlin Plc Q3 EUR (1.21) 4,168.00
Oesterreichische Post AG Q3 EUR 2.02 2,324.67
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
Sears Holdings Corp Q3 USD (1.04) 42,740.00 U
GAP Inc Q3 USD 1.73 14,990.00 D
GameStop Corp Q3 USD 3.15 10,140.00 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. 17 November 2011
What’s Hot & What’s Not
Intertek Group Essar Energy -5.3%
3.5%
2.5% Kingfisher British Sky Broadcasting -4.9%
ICAP -4.7%
2.4% Cairn Energy
2.4% Meggitt Plc Vodafone Group -3.7%
2.3% ITV Admiral Group -3.6%
Petrofac Ltd Reed Elsevier -2.4%
1.9%
1.6% BP Centrica -2.4%
Lonmin Marks and Spencer Group -2.3%
1.5%
1.5% Royal Dutch Shell- B Prudential -2.2%
1.4% Aggreko Standard Chartered -1.9%
0.0% 1.0% 2.0% 3.0% 4.0% -6.0% -4.5% -3.0% -1.5% 0.0%
Major Movers & Shakers
 Intertek Group rose 3.5%, after it stated that its 10 months earnings were in line with expectations, despite global economic
turbulence.
 Cairn energy gained 2.4%, after Societe Generale initiated coverage on the stock with a “Buy” rating.
 Meggitt added 2.4%, after it announced that it had acquired two new contracts. Meggitt also gained value, after it was
included in the MSCI’s UK index.
 Energy stocks, Petrofac, BP and Royal Dutch Shell, rallied between 1.5% and 1.9%, after crude oil for December delivery rose
above $100 per barrel for the first time since June.
 Essar Energy slumped 5.3%, on the back of project delays and concerns over escalating costs.
 Icap dropped 4.7%, after its Chief Executive, Michael Spencer, warned of falling trading-volumes in October and November.
 Vodafone declined 3.7%, after it went ex-dividend.
 Admiral slid 3.6%, amid fears that it might be removed from the FTSE 100 index.
 Reed Elsevier lost 2.4%, following a dismal trading update.
5 From The Floor Refer to the last page for disclaimer

6. 17 November 2011
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6 From The Floor