1. From The Floor
24 October 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets rallied on Friday, bolstered by gains in mining and banking
FTSE 100 5,488.7  1.9% 0.4% 3.8% -4.7% sector stocks, amid hopes that the European policymakers would act
DJSTOXX 50 2,279.0  2.2% 0.4% 7.6% -11.0% collaboratively to contain the region’s debt crisis. Among mining stocks,
FTSEurofirst 300 978.1  2.5% 0.3% 6.5% -10.5% Xstrata, the top gainer on the FTSE 100 index, soared 6.2%, after HSBC
German DAX 30 5,971.0  3.5% 0.1% 9.9% -9.7%
upgraded the stock to “Overweight” from “Neutral”, while Rio Tinto and
French CAC 40 3,171.3  2.8% -1.4% 8.0% -18.2%
Antofagasta climbed 4.5% and 5.5%, respectively, tracking a rise in base
Russia RTS Index 1,456.7  2.4% 0.5% -4.1% -9.2%
S&P 500 1,238.3  1.9% 1.1% 6.1% 4.9%
metal prices. Energy stocks, Royal Dutch Shell, BP and BG Group climbed
Dow Jones Industrials 11,808.8  2.3% 1.4% 6.1% 5.9%
between 1.6% and 2.7%, as Nomura initiated coverage on these stocks with
Nasdaq Composite 2,637.5  1.5% -1.1% 3.9% 7.2% a “Buy” rating. Barclays led banks higher, surging 5.8%, while Royal Bank of
Brazil Bovespa 55,255.2  2.3% 0.4% -1.3% -20.7% Scotland and Lloyds Banking Group rose 3.4% and 3.9%, respectively, as
Nikkei 225* 8,823.1  1.7% -0.8% -0.7% -7.4% worries over the debt crisis eased. Intercontinental Hotels Group jumped
Shanghai Composite* 2,325.3  0.3% -4.7% -7.8% -22.3% 5.0%, after Morgan Stanley added the stock to its “High Conviction” list.
Sensex* 17,053.6  1.6% -1.7% -1.6% -17.2% FTSE 100 rose 1.9% to settle at 5,488.7. FTSE 250 jumped 1.5% to 10,265.5.
*Time - BST 5:21:55 AM
European Market Snapshot
5,510  Other European markets closed sharply higher on Friday, led by impressive
gains in banking and metal sector stocks, amid optimism that European
5,475 policy makers might deploy $1.3 trillion in funds to prevent the escalation of
region’s sovereign debt crisis. Banks, UniCredit, Societe Generale and
5,440 Commerzbank, soared between 5.6% and 7.4%, as risk appetite increased
among investors. Metal sector stocks, ThyssenKrupp and Salzgitter, climbed
5,405 3.5% and 3.0% respectively, in line with a rise in base metal prices. Scania
rallied 5.0%, after its third- quarter profit surpassed market expectations.
5,370 Carmakers, Daimler, BMW and MAN, soared between 3.7% and 5.4%,
8:00 9:45 11:30 13:15 15:00 16:35
reversing their earlier session losses amid optimism that global demand
would recover. FTSEurofirst 300 index advanced 2.5% to 978.1. German DAX
Xetra 30 rallied 3.6% to 5,971.0. French CAC-40 edged up 2.8% to 3,171.3.
11,820
US Market Snapshot
11,748
 US markets closed higher on Friday, on robust corporate earnings report and
amid optimism for an imminent solution to the European debt crisis, ahead
11,675
of the weekend's European Union summit. Infotainment equipment
manufacturer, Harman International Industries, the top gainer on the S&P
11,603
500 index, surged 20.5%, as its first-quarter profit rose 76%. McDonald's
added 3.7%, after it reported a higher-than-expected third-quarter profit.
11,530
9:30 10:45 12:00 13:15 14:30 15:45 Seagate Technology jumped 27.9%, after the company stated that its
manufacturing operations were not directly affected by the severe flooding
in Thailand. Eastman Kodak rallied 6.5%, amid reports that the company was
negotiating with various hedge funds for debt finance. Ford advanced 4.8%,
8,850
after Standard & Poor's upgraded its credit rating by two notches to BB+.
DJIA surged 2.3% to close at 11,808.8. NASDAQ advanced 1.5% to settle at
8,800
2,637.5. S&P 500 soared 1.9% to end at 1,238.3.
8,750
Asian Market Snapshot
8,700
 Asian markets are trading higher this morning, taking cues from strong gains
on Wall Street on Friday, as investors welcomed reported progress made by
8,650
9:00 9:45 10:30 11:15
European leaders to resolve the region’s debt crisis, and after China’s
preliminary reading of the purchasing managers index showed a rebound in
new orders and output. In Japan, exporters, Toyota, Honda Motor and
Manoj Ladwa 0207 392 1487
Toshiba traded higher after Japan’s exports increased more-than-expected in
Index and Equity Desk 0207 392 1479
September. Energy stocks, Inpex, Japan Petroleum Exploration and JX
Institutional Equities 0207 392 1477 Holdings paced gains following a rise in crude oil prices. In Hong Kong,
Commodities 0207 392 1403 banking stocks, Bank of China and Agricultural Bank of China gained values,
Options 0207 392 1472 as global economic worries eased. Jiangxi Copper traded higher, following a
Currencies 0207 392 1455 rise in base metal prices. In South Korea, exporters, Kia Motors, Hyundai
Internet Dealing Desk 0207 392 1434 motor and Samsung Electronics paced higher amid optimism that global
demand would recover. Nikkei 225 index is trading 1.7% higher, at 8,823.1.
Hang Seng index is trading 3.5% higher at 18,656.2, while the Kospi index is
trading 2.5% higher, at 1,883.5.
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. 24 October 2011
Commodities
88.9
1650.0 7,650 2,220
88.1 1640.0 7,425 2,190
$/ M T
$/ b b l
7,200 2,160
$ /OZ
87.4 1630.0
6,975 2,130
86.6
1620.0
6,750 2,100
85.8
0:00 5:30 11:00 16:30 22:40 1610.0 10-Oct 13-Oct 18-Oct 21-Oct
0:00 5:40 11:20 17:00 23:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.8% or $0.71 higher at $88.11 per barrel. On Friday, crude oil for December
delivery added 1.6% or $1.33 to settle at $87.40 per barrel, as worries over demand prospects eased, after French and German
law makers agreed to provide firm details of a rescue plan to resolve the European sovereign debt crisis. Crude oil price also
gained value, as a decline in dollar increased the demand for the commodities as an alternative investment.
 Gold for immediate delivery is trading marginally higher today, at $1,642.78 per ounce. Gold for December delivery added 1.4%
or $23.20 to settle at $1,636.10 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
1.1540 1.5975 1.3920
1.1516 1.5918 1.3863
1.1493 1.5862 1.3805
1.1469 1.5805
1.3748
1.1445 1.5748
1.3690
0:00 5:50 11:40 17:30 2:20 0:00 5:50 11:40 17:30 2:20
0:00 6:40 13:20 23:00
 At 0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5955, 0.1% higher against the EUR at €1.1501, and
0.3% higher against the JPY at ¥121.67.
 The EUR is trading marginally higher against the USD at $1.3872.
 The EUR is trading 0.2% higher against the JPY at ¥105.79.
 The AUD is trading lower against the JPY and the USD, after the European leaders failed to assure that they would be able to
contain the euro-area debt crisis, sapping demand for riskier assets.
 On Friday, the USD ended lower against the major currencies, amid speculation that Europe would resolve the region’s debt
crisis, damping demand for safer assets. The USD also lost value amid speculation of further monetary easing, after the Federal
Reserve Vice Chairman, Janet Yellen, stated that a third round of large-scale securities purchases might be warranted to prop
up the US economy.
 The CAD closed lower against the USD, amid speculation that Canada’s price inflation unexpectedly increased in September,
damping speculation that the central bank might cut interest rates in the next few months.
2 From The Floor Refer to the last page for disclaimer

3. 24 October 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
Germany 8:30 Purchasing Manager Index Manufacturing (Oct) 50.00 50.30 Monthly
Germany 8:30 Purchasing Manager Index Services (Oct) 49.90 49.70 Monthly
France 8:00 Purchasing Manager Index Manufacturing (Oct) 48.00 48.20 Monthly
France 8:00 Purchasing Manager Index Services (Oct) 50.40 51.50 Monthly
Eurozone 9:00 Purchasing Manager Index Composite (Oct) 48.80 49.10 Monthly
Eurozone 9:00 Purchasing Manager Index Manufacturing (Oct) 48.00 48.50 Monthly
Eurozone 9:00 Purchasing Manager Index Services (Oct) 48.50 48.80 Monthly
Eurozone 10:00 Industrial New Orders s.a. (MoM) (Aug) 0.10% -1.60% Monthly
Eurozone 10:00 Industrial New Orders (YoY) (Aug) 5.80% 8.40% Monthly
US 13:30 Chicago Fed Nat Activity Index (Sep) -0.31 -0.43 Monthly
Japan 0:50 Merchandise Trade Balance Total (Sep) ¥300.40 bn* -¥777.20 bn Monthly
Japan 0:50 Adjusted Merchandise Trade Balance (Sep) -¥21.80 bn* -¥265.24 bn Monthly
Japan 0:50 Merchandise Trade Exports (YoY) (Sep) 2.40%* 2.80% Monthly
Japan 0:50 Merchandise Trade Imports (YoY) (Sep) 12.10%* 19.20% Monthly
Japan 6:00 SuperMarket Sales (YoY) (Sep) - -2.20% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 22.00
UK 0.7% 5.2% 2.6%
US 1.6% 3.9% 2.3% 14.25
Japan -1.0% 0.2% 1.0%
6.50
France 1.6% 2.2% 3.1%
Germany 2.7% 2.6% 2.2%
-1.25
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -9.00
Oct-09
Apr-10
Jun-10
Apr-11
Dec-09
Aug-10
Oct-10
Jun-11
Aug-11
Feb-10
Dec-10
Feb-11
India 7.7% 9.0% 8.8%
China 9.1% 6.1% 3.8%
3 From The Floor Refer to the last page for disclaimer

4. 24 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 PS E sti ma te d Re ve nue (Mn)
Tristel Plc Prelim GBP - -
Note: All Estimates are for Full Year
Afren, Mcbride Plc
Avingtrans, City of London Inv Trust, Mcbride, Minco
Alpha Bank GDR (Reg S) USD, Bank Audi SAL- Audi Saradar Group GDR (Reg S), Minco, Public Power GDR SA (Reg S)
Brooks Macdonald Group, Diageo, Pacific Horizon 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)
Faurecia Sa Q3 Sales EUR 3.05 15,846.50
Stmicroelectronics Nv Q3 EUR 0.63 10,087.20
Jyske Bank A/S Q3 DKK 15.02 6,448.00
Luxottica Group Spa Q3 EUR 1.06 6,144.06
Seb Sa Q3 Sales EUR 5.34 3,964.91
Promotora De Informaciones Sa Q3 EUR 0.19 2,906.43
Ahlstrom Oyj Q3 EUR 0.64 1,732.91
Oem International Ab Q3 SEK 5.62 1,687.70
Tomtom Nv Q3 EUR 0.41 1,249.35
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
Caterpillar Inc Q3 USD 6.59 57,920.00 D
Kimberly Clark Corp Q3 USD 4.85 20,880.00 D
Eaton Corp Q3 USD 3.99 16,270.00 U
Amgen Inc Q3 USD 5.21 15,430.00 U
Texas Instruments Inc Q3 USD 2.24 13,610.00 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. 24 October 2011
What’s Hot & What’s Not
Xstrata Marks and Spencer Group -0.6%
6.2%
5.9% Weir Group Shire -0.5%
National Grid -0.3%
5.8% Barclays
5.5% Antofagasta WM Morrison Supermarkets -0.3%
5.4% ICAP Compass Group -0.2%
Hargreaves Lansdown Rolls-Royce Group -0.1%
5.4%
5.0% Intercontinental Hotels Group ARM Holdings -0.1%
British Land Co Randgold Resources Ltd -0.1%
4.7%
4.7% Aviva Meggitt Plc -0.1%
4.6% Cairn Energy
0.0% 1.7% 3.3% 5.0% 6.6% -0.6% -0.5% -0.3% -0.2% 0.0%
Major Movers & Shakers
 Xstrata climbed 6.2%, after HSBC upgraded the stock to “Overweight” from “Neutral”.
 Weir Group advanced 5.9%, as BofA Merrill Lynch and UBS reiterated their bullish stances on the stock.
 Antofagasta rose 5.5%, as copper for December delivery gained 5.4% to $3.22 per pound.
 Intercontinental Hotels Group gained 5.0%, after Morgan Stanley added the stock in its list of “High Conviction” shares.
 Cairn Energy advanced 4.6%, as crude for December delivery added 1.6% to $87.40 per barrel.
 WM Morrison Supermarkets declined 0.3%, as Bernstein Research downgraded the stock to “Market Perform” from
“Outperform” on valuation grounds.
5 From The Floor Refer to the last page for disclaimer

6. 24 October 2011
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6 From The Floor