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From the floor 03 November 11
1. From The Floor
03 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg UK markets closed higher yesterday, as market sentiments were lifted on
FTSE 100 5,484.1 1.2% -1.2% 8.1% -4.7% encouraging US jobs data and ahead of the G-20 summit in France to tackle
DJSTOXX 50 2,266.1 0.6% -1.0% 6.0% -11.4% the eurozone debt crisis. Among precious metal miners, Fresnillo, the top
FTSEurofirst 300 971.7 1.0% -1.2% 6.5% -11.2% gainer on the FTSE 100 index, surged 7.7%, as silver and gold prices rallied,
German DAX 30 5,965.6 2.2% -0.8% 11.0% -10.3%
while Randgold Resources gained 7.4%, as it reported a rise in its third-
French CAC 40 3,110.6 1.4% -1.9% 6.3% -19.5%
quarter profit. Among other mining stocks, Anglo American, Rio Tinto and
Russia RTS Index 1,526.2 2.8% -0.3% 18.2% -4.9%
S&P 500 1,237.9 1.6% -0.3% 12.6% 3.7%
Kazakhmys gained between 2.5% and 5.2%, as base metal prices firmed up.
Dow Jones Industrials 11,836.0 1.5% -0.3% 11.1% 5.8%
Antofagasta rallied 5.4%, after reporting a 17.0% jump in its copper
Nasdaq Composite 2,640.0 1.3% -0.4% 13.0% 4.2% production. Retailer, Next jumped 6.5%, as it reported faster sales growth in
Brazil Bovespa 57,322.8 0.0% 0.3% 12.9% -19.9% the third quarter. ARM Holdings climbed 2.6%, after a broker upgraded its
Nikkei 225 8,640.4 -2.2% -1.2% 1.1% -5.7% rating on the stock to “Outperform” from “Market Perform”. Wolseley
Shanghai Composite* 2,530.2 1.0% 3.2% 6.1% -17.8% advanced 5.4%, after data indicated that UK construction PMI rose in
Sensex* 17,395.1 -0.4% 1.0% 8.1% -14.2% October. FTSE 100 rose 1.2% to 5,484.1. FTSE 250 climbed 0.8% to 10,251.7.
*Time - BST 6:13:01 AM
European Market Snapshot
5,500 Other European markets closed in the positive territory yesterday, following
report that US companies added more workers than forecast in October and
5,470 amid optimism that Euro-area leaders would convince Greek Prime Minister
George Papandreou to accept budget cuts imposed in the bailout plan.
5,440 Banks, BNP Paribas, UniCredit and Credit Agricole, surged between 0.4% and
7.3%, as risk appetite increased among investors. Truck maker, MAN, rallied
5,410 4.9%, after the company reaffirmed its full-year outlook for revenue growth.
Carmaker, Volkswagen, soared 6.0%, after the company stated that China’s
5,380 passenger-car market might grow 8.0% to 10.0% annually over the next five
8:00 9:45 11:30 13:15 15:00 16:35
years. Retailer, Metro, rose 1.4%, following report that an Austrian real-
estate company, Signa, might buy its Kaufhof department-store unit. Hugo
Boss, added 1.2%, after the company revealed that its third-quarter profit
11,900
rose 29.0%. FTSEurofirst 300 index added 1.0% to 971.7. German DAX Xetra
30 advanced 2.2% to 5,965.6. French CAC-40 edged up 1.4% to 3,110.6.
11,830
US Market Snapshot
11,760
US markets rebounded yesterday, snapping their two days sharp declines,
following better-than-expected jobs report and as the US Federal Reserve
11,690
stated that the economy had strengthened in the third quarter and hinted
to take action if needed to safeguard the recovery. Oil & gas explorer,
11,620
9:30 10:45 12:00 13:15 14:30 15:45 Pioneer Natural Resources, the top gainer on the S&P 500 index, soared
12.6%, as its third quarter result surpassed market expectations. MasterCard
surged 7.0%, after it reported a 38.4% jump in its third-quarter profit.
Wireless network providers, Sprint Nextel, Clearwire and MetroPCS climbed
8,850
between 9.2% and 11.9%, after the US house passed a bill to bar new state
and local taxes on wireless services. Bank of America gained 5.0% amid
8,795
easing worries over the European debt crisis. DJIA surged 1.5% to 11,836.0.
NASDAQ gained 1.3% to 2,640.0. S&P 500 rose 1.6% to end at 1,237.9.
8,740
8,685
Asian Market Snapshot
Asian markets are trading lower this morning, amid renewed concerns that
8,630
9:00 9:45 10:30 11:15 13:00 13:45 14:30
the European leaders are struggling to work together to contain the region’s
debt crisis, after they cut off aid payments to Greece before a referendum
on a bailout deal. Moreover, a fall in Chinese purchasing managers’ index
Manoj Ladwa 0207 392 1487
(PMI) in October dampened market sentiment further. In Hong Kong, China
Index and Equity Desk 0207 392 1479
Construction Bank and HSBC Holdings traded lower, tracking a fall in their
Institutional Equities 0207 392 1477 European peers. Energy stocks, Petrochina and Cnooc paced declines, in line
Commodities 0207 392 1403 with a fall in crude oil prices. In South Korea, LG Electronics paced lower,
Options 0207 392 1472 amid speculation that the company was planning a rights offer worth $891.4
Currencies 0207 392 1455 million. Oil refiners, S-Oil and SK Innovation lost values, following lower
Internet Dealing Desk 0207 392 1434 crude oil prices. KB Financial Group and Shinhan Financial Group traded
lower, as aversion increased among investors. Markets in Japan are closed on
account of a public holiday. Hang Seng index is trading 1.0% lower at
19,540.3 while the Kospi index is trading 1.1% lower, at 1,877.4.
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. 3 November 2011
Commodities
94.0
1745.0 8,150 2,250
93.2 1737.5 7,813 2,208
$/ M T
$/ b b l
7,475 2,165
$ /OZ
92.4 1730.0
7,138 2,123
91.6
1722.5
6,800 2,080
90.8
0:00 6:40 13:20 20:00 3:20 1715.0 20-Oct 25-Oct 28-Oct 2-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
In Asia, crude oil for December delivery is trading 1.1% or 97 cents lower at $91.54 per barrel. Yesterday, crude for December
delivery added 0.4% or 32 cents to end at $92.51 per barrel, amid expectations of increase in energy demand following
encouraging US jobs data. Crude oil prices also gained value, as concerns about the eurozone debt crisis eased on hopes that
European leaders would push Greece to accept their bail-out plan. However gains were limited, after the US Energy
Information Administration reported an increase in crude oil supplies by 1.8 million barrels for the week ended October 28.
Gold for immediate delivery is trading 0.3% lower today, at $1,729.93 per ounce. Gold for December delivery added 1.0% or
$17.80 to settle at $1,729.60 per ounce yesterday, as the dollar weakened against the major currencies, increasing the demand
for the precious metal as a hedge against inflation. Gold also traded higher after the US Federal Reserve trimmed its growth
expectations for the US economy and increased its unemployment rate forecast.
Currencies
1.1680 1.6050 1.3850
1.1650 1.6000 1.3800
1.1620 1.5950 1.3750
1.1590 1.5900
1.3700
1.1560 1.5850
1.3650
0:00 6:40 13:20 20:00 2:40 0:00 6:40 13:20 20:00 2:40
0:00 6:40 13:20 20:00 2:40
At 0400 BST today, the GBP is trading marginally higher against the USD at $1.5909, marginally lower against the EUR at
€1.1617, and 0.1% lower against the JPY at ¥124.16.
The EUR is trading marginally higher against the USD at $1.3695.
The EUR is trading 0.1% lower against the JPY at ¥106.88, after the European leaders stated that Greece would vote next
month to determine whether it would stay in the 17-nation currency, The EUR also depreciated amid speculation that the
European Central Bank would lower borrowing costs to stem recession risks in the region.
The USD is trading lower against major currencies, after the Federal Reserve Chairman Bernanke hinted at additional stimulus
measure to prop up the US economy if necessary, damping demand for the currency.
The NZD is trading lower against the USD, following a statistics bureau report that showed that the country’s unemployment
rate rose to 6.6% in the third-quarter from 6.5% in the previous period.
Yesterday, the USD closed lower against the EUR, following reports that the next portion of Greece’s international bailout
might be held up unless Greece provides clarity about its acceptance of the latest European bailout package, after the
referendum Greek officials announced earlier this week.
The CAD ended higher against the USD, after the Federal Reserve acknowledged that the US economic growth “strengthened
somewhat” in the third quarter, raising demand for riskier assets. The CHF closed higher against the USD, amid concern that
spending cuts agreed to by the US lawmakers would dampen the country’s economic growth.
2 From The Floor Refer to the last page for disclaimer
3. 3 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
World - G20 Meeting - - -
UK 9:30 Purchasing Manager Index Services (Oct) 52.00 52.90 Monthly
UK 9:30 Official Reserves (Changes) (Oct) - -$2444.0 mn Monthly
Eurozone 12:45 European Central Bank Rate Decision (Nov 3) 1.50% 1.50% -
Eurozone 13:30 ECB Press Conference - - -
Switzerland 7:00 UBS Real Estate Bubble Index (Q3) - 0.65 Quarterly
US - ICSC Chain Store Sales (YoY) (Oct) - 5.50% Monthly
US 12:00 RBC Consumer Outlook Index (Nov) - 39.20 Monthly
US 12:30 Continuing Jobless Claims (W/E) 3700.0 K 3645.0 K Weekly
US 12:30 Initial Jobless Claims (W/E) 400.00 K 402.00 K Weekly
US 12:30 Non-Farm Productivity (Q3) 2.80% -0.70% Quarterly
US 12:30 Unit Labor Costs (Q3) -0.50% 3.30% Quarterly
US 13:45 Bloomberg Consumer Comfort (W/E) - -51.10 Weekly
US 14:00 Factory Orders (MoM) (Sep) -0.10% -0.20% Monthly
US 14:00 ISM Non-Manufacutring Composite (Oct) 53.60 53.00 Monthly
US 14:30 EIA Natural Gas Storage Change (W/E) - 92.00 BCF Weekly
Japan - Culture Day - - -
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 300.0
UK 0.5% 5.2% 2.6%
US 1.6% 3.9% 2.3% 170.0
Japan -1.0% 0.0% 1.0%
40.0
France 1.6% 2.2% 3.2%
Germany 2.7% 2.5% 2.2%
-90.0
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -220.0
Oct-09
Apr-10
Jun-10
Oct-10
Apr-11
Jun-11
Oct-11
Dec-09
Aug-10
Aug-11
Feb-10
Dec-10
Feb-11
India 7.7% 10.1% 8.9%
China 9.1% 6.1% 3.7%
3 From The Floor Refer to the last page for disclaimer
4. 3 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)
BT Group Plc Q2 GBP 22.21 19,493.10
Tate and Lyle Plc Interim GBP 52.17 2,904.78
Cable and Wireless Communications Plc Interim GBP 0.06 2,737.38
Invensys Plc Interim GBP 23.43 2,606.08
Note: All Estimates are for Full Year
Aer Lingus Group, Aviva, Old Mutual, RPS Group, RSA Insurance Group, Spirent Communications, WSP Group, Hilton
Food Group Plc, JD Wetherspoon Plc, Unilever Plc, SVG Capital Plc, Hikma Pharmaceuticals Plc
IndigoVision Group, JPMorgan Mid Cap Inv Trust, Kofax, Macau Property Opportunities Fund Ltd., Mytrah Energy Ltd,
Pochin's, Redrow, Swallowfield, TEP Exchange Group
Alpha Tiger Property Trust Ltd., OSJC Transcontainer GDR (Reg S)
Murgitroyd Group
Camellia, Fisher (James) & Sons, TT Electronics, Tullow Oil
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)
Skanska AB Q3 SEK 7.71 119,844.00
ArcelorMittal SA Q3 EUR 2.48 94,814.70
METRO AG Q3 EUR 3.47 67,996.60
BMW AG Q3 EUR 7.49 67,782.30
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
CVS Caremark Corp Q3 USD 2.78 107,320.00 D
American International Group Inc Q3 USD 2.35 50,270.00 U
Sunoco Inc Q3 USD 0.26 43,160.00 U
DirecTv Q3 USD 3.34 26,910.00 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. 3 November 2011
What’s Hot & What’s Not
Fresnillo Lloyds Banking Group -4.4%
7.7%
7.4% Randgold Resources Ltd ICAP -3.4%
Imperial Tobacco Group -2.0%
6.5% Next
5.7% Burberry Group GlaxoSmithKline -1.7%
5.6% ENRC Ashmore Group -1.7%
Wolseley Standard Chartered -1.2%
5.4%
5.4% Antofagasta Intertek Group -0.9%
Kazakhmys BAE Systems -0.9%
5.2%
4.8% Legal and General Group Diageo -0.9%
4.7% Old Mutual Smith & Nephew -0.8%
0.0% 2.0% 4.0% 6.0% 8.0% -5.0% -3.8% -2.5% -1.3% 0.0%
Major Movers & Shakers
Fresnillo soared 7.7%, in line with a rise in silver and gold prices.
Randgold Resources rallied 7.4%, after the company forecasted a 22.0% increase in its gold production next year
Next surged 6.5%, after the company reported faster sales growth in its third-quarter.
Burberry Group soared 5.7%, after its European peer, Hugo Boss, reported a rise in its third-quarter profit.
Miners, ENRC, Antofagasta and Kazakhmys, rallied between 5.6% and 5.2%, following higher base metal prices.
Insurers, Legal & General and Old mutual, surged 4.8% and 4.7%, respectively, benefitted from a recovery in the equity
markets.
Lloyds Banking Group fell 4.4%, after the company announced that its Chief Executive Officer Antonio Horta-Osorio would take
a medical leave of absence.
Standard Chartered eased 1.2%, after the company reported that its nine-month income grew by a high single-digit percentage
from the same period a year ago.
5 From The Floor Refer to the last page for disclaimer
6. 3 November 2011
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6 From The Floor