ETX Capital -From The Floor is a daily briefing and global market report to keep you informed as you trade
1. From The Floor
30 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg UK markets closed higher yesterday, extending gains for the third
FTSE 100 5,337.0 0.5% 2.5% -6.4% -3.9% consecutive day, as stronger-than-expected US consumer confidence data
DJSTOXX 50 2,224.7 0.7% 3.5% -5.8% -10.4% lifted market sentiment. Markets also rose amid optimism over the outcome
FTSEurofirst 300 947.9 0.7% 3.7% -6.9% -11.3% of a crucial meeting of euro-area finance ministers at Brussels on the region’s
German DAX 30 5,799.9 0.9% 4.7% -8.6% -13.4%
debt crisis. Randgold Resources jumped 5.8%, after a broker raised its rating
French CAC 40 3,026.8 0.5% 5.4% -9.6% -16.8%
on the stock to “Buy” from “Hold”. Engineering group, GKN rose 4.2%, after
Russia RTS Index 1,466.4 -0.6% 2.5% -8.9% -7.7%
S&P 500 1,195.2 0.2% 0.6% -7.0% 0.6%
Moody’s Investors Service upgraded its rating on the stock to “Positive” from
Dow Jones Industrials 11,555.6 0.3% 0.5% -5.5% 4.6%
“Stable”. GKN also rallied, amid speculation that Quest Global Engineering
Nasdaq Composite 2,515.5 -0.5% -0.2% -8.1% -0.4% might be interested in bidding for the company. Commercial property firms,
Brazil Bovespa 55,299.8 -1.3% -1.0% -7.1% -18.6% Land Securities and British Land added 1.2% each, after a broker raised its
Nikkei 225* 8,377.1 -1.2% 2.0% -6.3% -16.3% recommendation on both the stocks to “Buy” from “Neutral”. Among other
Shanghai Composite* 2,356.3 -2.3% 0.0% -2.5% -15.8% key gainers, Marks & Spencer, Tesco and Sainsbury added between 0.1% and
Sensex* 15,884.5 -0.8% -0.4% -10.1% -17.5% 1.3%. FTSE 100 rose 0.5% to 5,337.0. FTSE 250 climbed 1.2% to 10,031.6.
*Time - BST 6:36:41 AM
European Market Snapshot
5,340 Other European markets closed higher yesterday, amid optimism that the
European debt crisis would be resolved, ahead of the eurozone finance
5,323 ministers’ meeting in Brussels. Additionally, better-than-expected US
consumer confidence in November buoyed market sentiment. Chemical
5,305 maker, BASF, rose 2.1%, after the company raised its sales target for 2020,
while K+S, added 3.0%, after the company announced that it would invest
5,288 more than $3.0 billion to develop a Canadian mineral deposit. IG Group
soared 9.3%, after it forecasted a 23.0% YoY increase in its first-half revenue.
5,270 Among other stocks, Remy Cointreau, climbed 2.9%, after the company
8:00 9:45 11:30 13:15 15:00 16:35
projected “a substantial increase” in its full-year earnings. However, gains
were restricted by losses in banking sector stocks. FTSEurofirst 300 index
advanced 0.7% to 947.9. German DAX Xetra 30 added 0.9% to 5,799.9.
11,620
French CAC-40 rose 0.5% to end at 3,026.8.
11,593 US Market Snapshot
US markets closed mostly higher yesterday, as upbeat reading on consumer
11,565
confidence and signs of progress by the eurozone leaders to tame the
region’s debt crisis lifted market sentiment, offsetting news on Fitch Ratings’
11,538
decision to cut the outlook on US government debt to negative. Home
Depot rose 5.3%, and emerged as the top gainer on the DJIA index, as
11,510
9:30 10:45 12:00 13:15 14:30 15:45 CNBC's Jim Cramer recommended the stock. Research In Motion jumped
5.4%, after a broker raised its rating on the stock to “Market Perform” from
“Underperform”. Hewlett-Packard added 1.4%, after RBC Capital Markets
upgraded the stock to “Outperform” from “Sector perform”. However,
8,490
ceramics manufacturer, Corning, the top decliner on the S&P 500 index,
retreated 10.8%, after it lowered its fourth-quarter profit estimate. AMR
8,455
nosedived 84.0%, after it filed for bankruptcy. DJIA rose 0.3% to close at
11,555.6. NASDAQ slipped 0.5% to 2,515.5. S&P 500 gained 0.2% to 1,195.2.
8,420
8,385
Asian Market Snapshot
Asian markets are trading lower this morning, amid concerns about the
8,350
9:00 9:45 10:30 11:15 13:00 13:45
global economic recovery, shrugging off better-than-expected US consumer
confidence data for November and Japan's industrial production data for
October. In Japan, Sony, Honda Motor and Toyota Motors paced declines, as
Manoj Ladwa 0207 392 1487
the yen appreciated against the dollar. Olympus lost value amid speculation
Index and Equity Desk 0207 392 1479
that the company would be delisted from the Tokyo Stock Exchange. In
Institutional Equities 0207 392 1477 Hong Kong, Bank of Communications and ICBC paced losses, after a Central
Commodities 0207 392 1403 Bank adviser highlighted that China would maintain tight monetary policies
Options 0207 392 1472 next year. Jiangxi Copper lost value, after Morgan Stanley stated that further
Currencies 0207 392 1455 gains for commodities might be limited next year. In South Korea, SK
Internet Dealing Desk 0207 392 1434 Innovation, traded lower, following report that it bought back 174 gas
stations it sold five years ago for a total of $550.1 million. Nikkei 225 index is
trading 1.2% lower, at 8,377.1. Hang Seng index is trading 1.9% lower at
17,911.2, while the Kospi index is trading 0.8% lower at 1,842.1.
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. 30 November 2011
Commodities
100.3
1728.0 7,620 2,110
99.5 1721.5 7,490 2,073
$/ M T
7,360 2,035
$/bbl
$/OZ
98.8
1715.0
7,230 1,998
98.0
1708.5
7,100 1,960
97.3
16-Nov 21-Nov 24-Nov 29-Nov
0:00 6:40 13:20 20:00 3:20 1702.0
0:00 6:40 13:20 20:00 3:00 Copper - LHS Aluminium - RHS
In Asia, crude oil for January delivery is trading 0.6% or $0.63 lower at $99.16 per barrel. Yesterday, crude oil for January
delivery advanced 1.6% or $1.58 to end at $99.79 per barrel, amid optimism that future energy demand would increase, after
US consumer confidence rose more-than-expected in November. Crude oil also gained value amid fears that oil production
would decrease in Iran, amid ongoing civil unrest in the country.
Gold for immediate delivery is trading 0.2% higher today, at $1,722.32 per ounce. Gold for December delivery added 0.2% or
$2.60 to end at $1,713.40 per ounce yesterday, as the dollar fell against the euro, increasing the demand for the precious metal
as a hedge against inflation.
Currencies
1.1730 1.5680 1.3430
1.1700 1.5623 1.3393
1.1670 1.5565 1.3355
1.1640 1.5508
1.3318
1.1610 1.5450
1.3280
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 marginally lower against the USD at $1.5594, marginally lower against the EUR at
€1.1702, and 0.1% lower against the JPY at ¥121.54.
The EUR is trading marginally higher against the USD at $1.3326, after the euro-area finance ministers agreed to extend the
capacity of the European Financial Stability Fund.
The EUR is trading marginally lower against the JPY at ¥103.86.
The AUD is trading higher against the USD and the JPY, as a government report showed that business investment in Australia
surpassed market expectations in the third quarter.
The NZD is trading higher against most of its peers, following a report that showed home-building approvals in New Zealand
rose in October for the third time in four months.
Yesterday, the AUD and NZD ended higher against the USD, after a better-than-expected rise in US consumer confidence in
November spurred demand for higher-yielding assets.
The EUR closed lower against the GBP, amid speculation that Europe’s effort to expand its bailout fund to €1.0 trillion is falling
short, and after the European Central Bank failed to offset extra liquidity created by its bond purchases.
The CAD ended higher against the USD, after Canada’s third-quarter current account deficit narrowed from the second largest
on record, following higher aircraft and metals exports.
2 From The Floor Refer to the last page for disclaimer
3. 30 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 GfK Consumer Confidence Survey (Nov) -31.00* -32.00 Monthly
UK 9:30 Bank of England Housing Equity Withdrawal (Q2) -£6.00 bn -£5.80 bn Quarterly
Germany 7:00 Retail Sales (YoY) (Oct) 2.00% 0.30% Monthly
Germany 8:55 Unemployment Rate s.a. (Nov) 7.00% 7.00% Monthly
France 7:45 Consumer Spending (YoY) (Oct) -0.20% -1.30% Monthly
France 7:45 Producer Prices (YoY) (Oct) 5.40% 6.10% Monthly
Eurozone - EcoFin Meeting - - -
Eurozone 10:00 Consumer Price Index Estimate (YoY) (Nov) 3.00% 3.00% Monthly
Eurozone 10:00 Unemployment Rate (Oct) 10.20% 10.20% Monthly
Switzerland 10:30 KOF Swiss Leading Indicator (Nov) 0.63 0.80 Monthly
Fed's Kocherlakota Speaks on Monetary Policy at
US 1:00 - - -
Stanford
US 12:00 MBA Mortgage Applications (W/E) - -1.20% Weekly
US 13:30 Unit Labor Costs (Q3) -2.10% -2.40% Quarterly
US 14:45 Chicago Purchasing Manager (Nov) 58.50 58.40 Monthly
US 15:00 Pending Home Sales (MoM) (Oct) 1.20% -4.60% Monthly
Bank of Canada Deputy Gov. Murray speaks in
Canada 0:15 - - -
Plattsburgh, NY
Canada 13:30 Gross Domestic Product (MoM) (Sep) 0.30% 0.30% Monthly
Canada 13:30 Raw Materials Price Index (MoM) (Oct) 1.00% 1.40% Monthly
Japan 1:30 Labor Cash Earnings (YoY) (Oct) 0.10%* -0.40% Monthly
Japan 4:00 Vehicle Production (YoY) (Oct) - -4.50% Monthly
Japan 5:00 Annualised Housing Starts (Oct) 0.77 mn 0.75 mn Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 65.0
UK 0.5% 5.0% 2.3%
US 1.5% 3.5% 2.0% 58.3
Japan 0.0% -0.2% 1.0%
51.5
France 1.6% 2.3% 3.7%
Germany 2.5% 2.5% 2.3%
44.8
Brazil 3.1% 7.0% 4.0%
Russia 4.8% 7.2% 6.0% 38.0
Jan-10
Jul-10
Sep-10
Jan-11
Jul-11
Sep-11
Nov-09
Mar-10
May-10
Nov-10
Mar-11
May-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. 30 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)
Sage Group Plc Prelim GBP 20.75 1,493.56
Britvic Plc Prelim GBP 36.14 1,347.77
RPC Group Plc Interim GBP 34.82 1,144.32
Marston's Plc Prelim GBP 11.67 716.30
Note: All Estimates are for Full Year
BlackRock Greater Europe Inv Trust, Harmony Gold Mining Co Ltd., ILA Group Ltd., Kea Petroleum, Plexus Holdings,
Range Resources Ltd. (DI), Victoria Oil & Gas, Victory VCT, WFCA
Avengardco Investments Public Ltd.GDR
A&J Mucklow Group, Catco Reinsurance Opps. Fd (DI), Catco Reinsurance Opps. Fd (DI) C SHS, Daily Mail and General
Trust, Daily Mail and General Trust 'Ord' Shares, JPMorgan Chinese Inv Trust, JPMorgan Japanese Inv Trust, Northam-
ber, Smart (J) & Co., St Ives
Kier Group, Wolseley
BAE Systems, Bloomsbury Publishing, China Food Co, Lookers, Old Mutual, Provident Financial, Senior, Toyota Motor
Corp., City of London 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)
Strabag SE Q3 EUR 1.71 13,528.70
Piraeus Bank SA Q3 EUR (0.15) 1,545.24
Demag Cranes AG Interim EUR 2.73 1,123.86
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
United Natural Foods Inc Q1 USD 1.90 5,090.00 U
American Eagle Outfitters Inc Q3 USD 0.90 3,090.00 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. 30 November 2011
What’s Hot & What’s Not
Randgold Resources Ltd Lloyds Banking Group -2.1%
5.8%
4.3% Man Group Kingfisher -1.2%
Glencore International -1.1%
4.2% GKN
3.7% Aggreko Royal Bank of Scotland -1.1%
3.2% G4S Antofagasta -0.9%
ITV Rio Tinto -0.8%
2.8%
2.5% Inmarsat Standard Chartered -0.6%
Experian Imperial Tobacco Group -0.5%
2.1%
2.1% Prudential HSBC Holdings -0.5%
2.1% Pearson Anglo American -0.4%
0.0% 1.6% 3.2% 4.7% 6.3% -2.6% -2.0% -1.3% -0.7% 0.0%
Major Movers & Shakers
Randgold Resources gained 5.8%, after Investec raised its recommendation on the stock to “Buy” from “Hold”.
GKN rallied 4.2%, amid speculation that Quest Global Engineering might be interested in bidding for the company. GKN also
gained value after Moody's upgraded the stock to “Positive” from “Stable”.
G4S climbed 3.2%, after HSBC upgraded the stock to “Overweight” from “Neutral”.
Banking stocks, Lloyds Banking Group, RBS, and HSBC Holdings, fell between 0.5% and 2.1%, as risk appetite decreased among
investors.
5 From The Floor Refer to the last page for disclaimer
6. 30 November 2011
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6 From The Floor