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ETX Capital -From The Floor is a daily briefing and global market report to keep you informed as you trade
1. From The Floor
28 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg UK markets advanced on Friday, with the FTSE 100 index snapping its nine-
FTSE 100 5,164.7 0.7% -3.7% -7.0% -9.4% day losing streak, amid speculation that the European Union bailout
DJSTOXX 50 2,132.2 0.8% -4.4% -6.9% -16.0% mechanism would not involve the private sector, shrugging off a surge in
FTSEurofirst 300 907.9 0.9% -4.5% -7.7% -16.9% Italy’s borrowing cost. Among banking stocks, Royal Bank of Scotland, the
German DAX 30 5,492.9 1.2% -5.3% -8.7% -20.2%
top riser on the FTSE 100 index, rallied 4.3%, while Barclays advanced 2.1%,
French CAC 40 2,857.0 1.2% -4.7% -9.9% -24.0%
amid bargain hunting by investors. Lloyds Banking Group added 3.5%, after
Russia RTS Index 1,413.2 0.7% -5.5% -7.6% -12.7%
S&P 500 1,158.7 -0.3% -4.7% -6.7% -3.3%
both UBS and Citigroup recommended a “Buy” on the stock. BP and Royal
Dow Jones Industrials 11,231.8 -0.2% -4.8% -5.4% 0.4%
Dutch Shell Group advanced 1.2% and 1.5%, respectively, as crude oil pared
Nasdaq Composite 2,441.5 -0.8% -5.1% -7.9% -4.0% earlier losses. Compass Group added 1.0%, after it acquired Supercare
Brazil Bovespa 54,894.5 -0.7% -3.2% -3.9% -20.9% Services Group. SABMiller rose 1.1%, after it received an approval from the
Nikkei 225* 8,300.2 1.7% -2.6% -6.7% -19.0% Australian government to acquire Foster’s Group. BSkyB and Inmarsat
Shanghai Composite* 2,384.2 0.2% -1.5% -1.9% -17.9% gained 1.5% and 3.6%, respectively, after positive comments from JP
Sensex* 15,997.9 1.9% -4.1% -9.2% -18.8% Morgan. FTSE 100 rose 0.7% to 5,164.7. FTSE 250 gained 0.4% to 9,640.3.
*Time - BST 6:27:56 AM
European Market Snapshot
5,200 Other European markets ended higher on Friday, amid optimism that the
eurozone policy makers might arrive at a credible solution to contain the
5,168 region’s debt crisis. However, gains were limited after ratings agency S&P
downgraded Belgium’s sovereign debt rating by one notch. Software AG
5,135 gained 5.7%, after a broker upgraded the stock to “Buy” from “Sell”.
Banking stock, Commerzbank rose 1.1%, as risk aversion decreased among
5,103 investors. Insurer, Axa rose 1.7%, after Goldman Sachs upgraded the stock to
“Conviction Buy” from “Neutral”. Oil stocks, Statoil and Total edged up 1.9%
5,070 and 2.4%, respectively, tracking a rebound in crude oil prices. Chemical
8:00 9:45 11:30 13:15 15:00 16:35
maker, BASF climbed 1.7%, after the company announced that it would
invest about $688 million to build a plant in the Brazilian city of Salvador.
FTSEurofirst 300 index gained 0.9% to 907.9. German DAX Xetra 30 rose
11,370
1.2% to settle at 5,492.9. French CAC-40 gained 1.2% to 2,857.0.
11,330 US Market Snapshot
US markets closed lower on Friday, during a shortened trading session,
11,290
paring their earlier gains, amid escalating worries about the eurozone debt
crisis, after S&P lowered its sovereign credit rating on Belgium. Netflix, the
11,250
top laggard on the S&P 500 index, declined 6.8%, extending its losses, after
it proposed to raise additional $400 million of capital by selling stocks and
11,210
9:30 10:45 12:00 13:15 14:30 15:45 bonds. Chevron slid 1.6%, and emerged as the top decliner on the DJIA
index, while Caterpillar dropped 1.2%, amid worries about the global
economy. Hewlett-Packard retreated 1.5%, extending its losses, as investors
continued to fret over its fourth quarter earnings, reported earlier in the
8,350
week. However, Jefferies Group extended gains, adding 1.3%, as it hired at
least seven UBS bankers in Hong Kong in the past two months to augment
8,300
its business in the area. DJIA fell 0.2% to 11,231.8. NASDAQ lost 0.8% to
settle at 2,441.5. S&P 500 fell 0.3% to end at 1,158.7.
8,250
8,200
Asian Market Snapshot
Asian markets are trading higher this morning, amid report that the
8,150
9:00 9:45 10:30 11:15 13:00 13:45
European policy makers would leverage the eurozone rescue fund to
increase its ability to stem the region’s debt crisis. Additionally, speculation
that the IMF was preparing a bailout package for Italy also buoyed market
Manoj Ladwa 0207 392 1487
sentiment. In Japan, Nomura Holdings and Dai-ichi Life Insurance gained
Index and Equity Desk 0207 392 1479
values amid hopes of a solution to the eurozone debt crisis. Honda Motor
Institutional Equities 0207 392 1477 rose after a report stated that the company might shift some of its Japan-
Commodities 0207 392 1403 based motorcycle production to Thailand as a result of the strong yen. In
Options 0207 392 1472 Hong Kong, Bank of Communications and Agricultural Bank of China gained
Currencies 0207 392 1455 values as risk aversion decreased among investors. Jiangxi Copper edged up
Internet Dealing Desk 0207 392 1434 tracking a rise in base metal prices. In South Korea, Daewoo Engineering &
Construction rose on expectations of overseas orders. Nikkei 225 index is
trading 1.7% higher at 8,300.2. Hang Seng index is up 1.8% at 18,004.9,
while the Kospi index is trading 1.8% higher at 1,808.4.
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. 28 November 2011
Commodities
98.7
1710.0 7,860 2,160
97.7 1700.0 7,670 2,110
$/ M T
7,480 2,060
$/bbl
$/OZ
96.7
1690.0
7,290 2,010
95.7
1680.0
7,100 1,960
94.7
14-Nov 17-Nov 22-Nov 25-Nov
0:00 5:50 11:40 17:30 3:10 1670.0
0:00 5:50 11:40 17:30 2:20 Copper - LHS Aluminium - RHS
In Asia, crude oil for January delivery is trading $1.37 higher at $98.14 per barrel. On Friday, crude oil for January delivery
closed 0.6% or 60 cents higher at $96.77 per barrel, amid speculation that the eurozone leaders would take further steps to
tame the region’s debt crisis. Crude oil prices also rose, as escalating worries in the Middle East dampened the region's supply
outlook.
Gold for immediate delivery is trading 1.3% higher today, at $1,705.93 per ounce. Gold prices for December delivery fell 0.6%
or $10.20 to $1,685.70 per ounce on Friday, as the dollar rose against the major currencies, decreasing the demand for the
precious metal as a hedge against inflation.
Currencies
1.1710 1.5530 1.3340
1.1680 1.5503 1.3308
1.1650 1.5475 1.3275
1.1620 1.5448
1.3243
1.1590 1.5420
1.3210
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 3:50
At 0400 BST today, the GBP is trading 0.4% higher against the USD at $1.5501, 0.1% up against the EUR at €1.1665 and 0.3%
higher against the JPY at ¥120.35.
The EUR is trading 0.4% higher against the USD at $1.3288, after a report in the Italian newspaper La Stampa stated that the
International Monetary Fund (IMF) is preparing a rescue plan for Italy.
The EUR is trading 0.3% higher against the JPY at ¥103.17, as the demand for high yielding currencies increased, after most of
the Asian equity markets traded higher.
The NZD is trading higher against the major currencies, after New Zealand’s Prime Minister John Key was re-elected with his
party’s biggest mandate in 60 years. The NZD also rose, after a report showed that a confidence index for New Zealand rose to
18.3 in November from 13.2 the previous month.
On Friday, the EUR ended lower against the USD, as a disappointing Italian bond auction and a disagreement among the
European leaders over how to resolve the region’s debt crisis intensified worries over economic growth.
The EUR also fell, after Standard & Poor’s lowered Belgium’s credit rating to “AA” from “AA+” and took a negative stance on
its credit outlook.
The CAD ended lower against the USD, as escalating worries about the European debt crisis decreased the demand for high
yielding assets.
2 From The Floor Refer to the last page for disclaimer
3. 28 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 Lloyds Business Barometer (Nov) -20.00* -15.00 Monthly
UK 0:01 Hometrack Housing Survey (MoM) (Nov) -0.20%* -0.20% Monthly
UK 0:01 Hometrack Housing Survey (YoY) (Nov) -2.30%* -2.80% Monthly
UK 11:00 CBI Reported Sales (Nov) -12.00 -11.00 Monthly
Germany - Consumer Price Index (YoY) (Nov) 2.40% 2.50% Monthly
Germany - Consumer Price Index (MoM) (Nov) 0.10% 0.00% Monthly
Germany 7:00 Gfk Consumer Confidence Survey (Dec) 520.00% 530.00% Monthly
France 17:00 Total Jobseekers Change (Oct) 13.00 26.00 Monthly
France 17:00 Total Jobseekers (Oct) 2796.50 K 2780.50 K Monthly
Eurozone 9:00 M3 s.a. (3M) (Oct) 3.10% 2.6% Monthly
Eurozone 9:00 M3 s.a. (YoY) (Oct) 3.40% 3.1% Monthly
Eurozone 10:00 EC OECD November Economic Outlook - - -
US 13:30 Building Permits (MoM) (Oct) - 0.65 mn Monthly
US 15:00 New Home Sales (MoM) (Oct) 0.0% 5.70% Monthly
US 15:30 Dallas Fed Manufacturing Activity (Nov) 5.00 2.30 Monthly
Japan 5:00 Small Business Confidence (Nov) - 46.40 Monthly
Japan 23:30 Unemployment Rate (Oct) 4.20% 4.10% Monthly
Japan 23:50 Retail Trade (YoY) (Oct) 0.80% -1.20% Monthly
Japan 23:50 Large Retailers' Sales (Oct) -1.20% -3.60% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 2.5%
UK 0.5% 5.0% 2.3%
US 1.6% 3.5% 2.0% 1.6%
Japan 0.0% 0.0% 1.0%
0.8%
France 1.6% 2.3% 3.5%
Germany 2.5% 2.5% 2.0%
-0.1%
Brazil 3.1% 7.0% 4.0%
Russia 4.8% 7.2% 6.0% -1.0%
Apr-10
Jun-10
Oct-10
Apr-11
Jun-11
Dec-09
Aug-10
Aug-11
Oct-11
Feb-10
Dec-10
Feb-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. 28 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)
X5 Retail Group N.V Interim USD 1.17 16,195.50
Alpha Bank GDR Q3 USD (0.36) 2,222.41
Acal Plc Interim GBP 31.34 310.63
Phoenix IT Group Plc Interim GBP 30.56 274.16
Redstone Plc Interim GBP 0.06 76.30
Andor Technology Plc Prelim GBP 24.62 61.31
Immunodiagnostic Systems Holdings Plc Interim GBP 59.60 60.14
Software Radio Technology Interim GBP 3.90 15.13
ReNeuron Group Interim GBP (1.05) -
London Mining Plc Q3 GBP - -
Note: All Estimates are for Full Year
JPMorgan Smaller Companies Inv Trust, Rolta India Ltd.GDR (Reg S), Scotgold Resources (DI), SimiGon Ltd. (DI)
El Oro Ltd
Signet Jewelers Ltd.
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)
Etablissementen Fr Colruyt NV Q2 EUR 2.18 7,763.85
Faiveley Transport SA Q2 EUR 5.31 913.89
Namsos Trafikkselskap ASA Q3 NOK - -
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
Hillenbrand Inc Q4 USD 1.79 933.37 U
Copart Inc Q1 USD 2.59 916.34 U
Catch the Wind Ltd Q3 USD - - 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. 28 November 2011
What’s Hot & What’s Not
Royal Bank of Scotland Vedanta Resources -2.8%
4.3%
3.6% Inmarsat Glencore International -2.2%
Severn Trent -1.7%
3.5% Lloyds Banking Group
3.1% Admiral Group Fresnillo -1.4%
2.1% Barclays Cairn Energy -1.3%
Unilever ARM Holdings -1.3%
1.9%
1.9% National Grid Investec -0.8%
BAE Systems Ashmore Group -0.6%
1.8%
1.7% Meggitt Plc Smith & Nephew -0.5%
1.6% ICAP Schroders - B -0.5%
0.0% 1.2% 2.4% 3.6% 4.8% -3.3% -2.5% -1.7% -0.8% 0.0%
Major Movers & Shakers
Inmarsat advanced 3.6%, as JPMorgan Cazenove took a positive stance on the stock.
Lloyds Banking Group gained 3.5%, helped by an upgrade to “Buy” from Citigroup.
Vedanta Resource dropped 2.8%, after Deutsche bank expressed concerns about the company’s ability to deal with its level of
debt.
Glencore International lost 2.2%, after the company stated during an analyst day that debt remained available for acquisitions.
Severn Trent fell 1.7%, after the company reported a 35% drop in its six-month pretax profit.
Fresnillo declined 1.4%, as silver for December delivery fell 2.7% to $31.01 per ounce.
Cairn Energy retreated 1.3%, amid concerns that its $1 billion exploration programme off the coast of Greenland might
continue to disappoint further.
5 From The Floor Refer to the last page for disclaimer
6. 28 November 2011
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6 From The Floor