From The Floor
25 October 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed sharply higher yesterday, as data showed that Chinese
FTSE 100 5,548.1  1.1% 2.0% 9.5% -3.4% manufacturing sector expanded in October and amid hopes that European
DJSTOXX 50 2,298.9  0.9% 1.8% 12.1% -9.9% policy makers would be able to stave-off the region’s debt crisis. Among
FTSEurofirst 300 989.0  1.1% 2.4% 12.1% -9.2% mining stocks, Kazakhmys surged 8.0%, and emerged as the top gainer on
German DAX 30 6,055.3  1.4% 3.3% 16.5% -8.3%
the index, while, Rio Tinto, Antofagasta and Lonmin rose between 7.1% and
French CAC 40 3,220.5  1.5% 1.7% 14.6% -16.8%
7.7%, as China’s manufacturing expanded moderately in October. Among
Russia RTS Index 1,508.8  3.6% 5.7% 14.7% -6.2%
S&P 500 1,254.2  1.3% 4.4% 10.4% 6.0%
bankers, Lloyds Banking Group rose 5.3%, and led the banking stocks higher,
Dow Jones Industrials 11,913.6  0.9% 4.5% 10.6% 7.0%
amid expectations of an imminent solution to the eurozone debt crisis.
Nasdaq Composite 2,699.4  2.3% 3.2% 8.7% 8.9% Lloyds also advanced following news that it still considered flotation of 630
Brazil Bovespa 56,892.0  3.0% 5.5% 6.9% -18.2% bank branches which it had planned to dispose off. InterContinental Hotel
Nikkei 225* 8,806.2  -0.4% -0.4% 3.3% -6.2% advanced 0.8%, after the company stated that its same-store revenue per
Shanghai Composite* 2,386.8  0.7% -2.9% -2.6% -20.3% available room in the US had risen 8.0% in the third quarter. FTSE 100 rose
Sensex* 17,014.4  0.4% -0.5% 4.8% -16.0% 1.1% to 5,548.1, while FTSE 250 jumped 2.0% to settle at 10,469.1.
*Time - BST 5:17:13 AM
European Market Snapshot
5,555  Other European markets ended higher yesterday, as better-than-expected
rise in Japan’s exports in September coupled with a rebound in new orders
5,536 and manufacturing output in China buoyed market sentiments. Moreover,
reports that eurozone leaders were making progress towards agreeing to
5,518 resolve the regions debt crisis, added to the optimism. Car interiors, Faurecia,
soared 12.3% after the company reported a rise in its third-quarter sales.
5,499 Navigation-system maker, TomTom, surged 18.6%, after the company
reported a rise in third-quarter profit. Dental-implant maker, Nobel Biocare
5,480 Holding, rallied 14.4%, following report that private-equity firms might
8:00 9:45 11:30 13:15 15:00 16:35
acquire the company. Nokia climbed 3.8%, after Deutsche Bank raised its
price target on the stock. However, gains were restricted by losses in banking
sector stocks. FTSEurofirst 300 index added 1.1% to 989.0. German DAX
11,940
Xetra 30 rose 1.4% to 6,055.3. French CAC-40 edged up 1.5% to 3,220.5.
11,905 US Market Snapshot
 US markets extended their gains for the third consecutive day, following a
11,870
slew of merger deals and amid optimism that European leaders would reach
a deal to contain the region’s debt crisis. Caterpillar, the top gainer on the
11,835
DJIA index, surged 5.0%, after its third-quarter earnings surpassed market
expectations. Alcoa added 3.4%, as metal prices gained on upbeat economic
11,800
9:30 10:45 12:00 13:15 14:30 15:45 data in China and Japan. FedEx gained 2.8%, as it forecasted a 12.0%
increase in holiday shipments. HealthSpring surged 33.7%, after health
insurer Cigna agreed to acquire the company. Clean energy stocks, First Solar
and SunPower, rose 7.8% and 13.6%, respectively, after Chinese solar panel
8,855
manufacturer, Yingli Green Energy, reported a surge in demand from
Germany and Italy. Biopharmaceutical company, Adolor, the top gainer on
8,841
the NASDAQ index, soared 143.2%, after Cubist Pharmaceuticals agreed to
acquire the company. DJIA added 0.9% to close at 11,913.6. NASDAQ surged
8,828
2.3% to settle at 2,699.4. S&P 500 climbed 1.3% to end at 1,254.2.
8,814
Asian Market Snapshot
8,800
9:00 9:45 10:30 11:15
 Asian markets are trading mostly lower this morning, as Japanese investors
remained concerned about corporate earnings report. In Japan, Tokyo Steel
Manufacturing lost value, after Bank of America Merrill Lynch trimmed its
Manoj Ladwa 0207 392 1487
ratings on the sector. NGK Insulators paced declines, after the company
Index and Equity Desk 0207 392 1479
asked its customers not to use its batteries after a recent fire at its Mitsubishi
Institutional Equities 0207 392 1477 Materials plant. In Hong Kong, energy stocks, Cnooc and Petrochina paced
Commodities 0207 392 1403 higher tracking a gain in crude oil prices. However, gains were restricted as
Options 0207 392 1472 Bank of China and Hang sang bank traded lower after Mizuho Securities
Currencies 0207 392 1455 stated that profit growth of Chinese banks might decelerate. In South Korea,
Internet Dealing Desk 0207 392 1434 polysilicon maker, OCI lost value after Hana Daetoo Securities and KTB
Investment & Securities cut their price estimates on the stock. Nikkei 225
index is trading 0.4% lower, at 8,806.2. Hang Seng index is trading 0.5%
higher at 18,867.8, while the Kospi index is trading 0.4% lower, at 1,891.5.
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

25 October 2011
Commodities
92.5
1662.0 7,650 2,220
91.1 1655.0 7,425 2,190
$/ M T
$/ b b l
7,200 2,160
$ /OZ
89.8 1648.0
6,975 2,130
88.4
1641.0
6,750 2,100
87.0
0:00 5:30 11:00 16:30 22:40 1634.0 11-Oct 14-Oct 19-Oct 24-Oct
0:00 5:40 11:20 17:00 23:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.7% or $0.63 higher at $91.90 per barrel. Yesterday, crude oil for December
delivery rallied 4.4% or $3.87 to settle at $91.27 per barrel, amid hopes that European leaders would resolve the region’s debt
crisis, and after various economic releases showed signs of stronger growth in China and Japan. Crude oil prices also paced
gains, after a Chinese government report showed that crude oil demand in the country rose 3.1% in September.
 Gold for immediate delivery is trading 0.3% higher today, at $1,655.99 per ounce. Gold for December delivery rose 1.0% or
$16.20 to end at $1,652.30 per ounce yesterday, as the dollar weakened against the euro, increasing the demand for the
precious metal as a hedge against inflation. Gold prices also rose, after preliminary data showed an increase in manufacturing
activity in China for October.
Currencies
1.1530 1.6020 1.3960
1.1513 1.5990 1.3925
1.1495 1.5960 1.3890
1.1478 1.5930
1.3855
1.1460 1.5900
1.3820
0:00 5:50 11:40 17:30 23:20 0:00 5:50 11:40 17:30 23:20
0:00 6:40 13:20 20:00 2:40
 At 0400 BST today, the GBP is trading marginally lower against the USD at $1.5994, marginally higher against the EUR at
€1.1498, and 0.2% lower against the JPY at ¥121.68.
 The EUR is trading 0.1% lower against the USD at $1.3912.
 The EUR is trading 0.3% lower against the JPY at ¥105.83.
 The EUR traded lower against the USD and the JPY, amid speculation that consumer confidence in Germany and France might
have deteriorated, decreasing demand for the currency.
 The GBP is trading lower against the USD and the JPY, amid concerns that European leaders would build a comprehensive
solution to the region’s debt crisis, reducing demand for the currency.
 The NZD is trading lower against its major peers, after a report showed that inflation in the country slowed more-than-
expected, increasing speculation that the Reserve Bank of New Zealand would keep its benchmark interest rate at record low
for longer duration.
 Yesterday, the USD closed lower against the EUR, following a report that German opposition leaders agreed to increase the
strength of the European Financial Stability Facility to more than €1.0 trillion.
 The CAD closed higher against the USD, as the European leaders’ meeting outlined plans to assist lenders, and after China’s
manufacturing rose in October for the first time in four months, increasing demand for riskier assets.
2 From The Floor Refer to the last page for disclaimer

25 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
UK 9:30 BBA Loans for House Purchase (Sep) 36.00 K 35.22 K Monthly
UK 9:30 Current Account (Q2) -£9.00 bn -£9.40 bn Quarterly
UK 9:45 BoE's Governor King Speech - - -
Germany 7:00 GfK Consumer Confidence Survey (Nov) 5.10 5.20 Monthly
France 7:45 Consumer Confidence Indicator (Oct) 78.00 80.00 Monthly
Switzerland 7:00 UBS Consumption Indicator (Sep) - 0.79 Monthly
US 14:00 S&P/CS 20 City s.a. (MoM) (Aug) 0.40% 0.10% Monthly
US 14:00 S&P/Case-Shiller Composite-20 (YoY) (Aug) -3.60% -4.11% Monthly
US 14:00 S&P/Case-Shiller Home Price Index (Aug) - 142.77 Monthly
US 15:00 Consumer Confidence (Oct) 46.50 45.40 Monthly
US 15:00 House Price Index (MoM) (Aug) 0.20% 0.80% Monthly
US 15:00 Richmond Fed Manufacturing Index (Oct) -1.00 -6.00 Monthly
Canada - Fisher, Carstens Speak at Cities Forum in Toronto - - -
Canada 13:30 Retail Sales (MoM) (Aug) 0.30% -0.60% Monthly
Canada 13:30 Retail Sales Less Autos (MoM) (Aug) 0.40% 0.00% Monthly
Canada 14:00 Bank of Canada Rate Decision (Oct 25) 1.00% 1.00% -
Japan 6:00 Small Business Confidence (Oct) - 47.20 Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 6.00%
UK 0.7% 5.2% 2.5%
US 1.6% 3.9% 2.2% 3.05%
Japan -1.0% 0.2% 1.0%
0.10%
France 1.6% 2.2% 3.3%
Germany 2.7% 2.6% 2.1%
-2.85%
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -5.80%
Oct-09
Apr-10
Jun-10
Oct-10
Apr-11
Jun-11
Dec-09
Aug-10
Jul-11
Feb-10
Dec-10
Feb-11
India 7.7% 9.0% 8.8%
China 9.1% 6.1% 3.7%
3 From The Floor Refer to the last page for disclaimer

25 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 P S E sti ma te d Re ve nue (Mn)
BP Plc Q3 GBP 1.15 362,908.00
Datang International Power Generation Co Ltd. Q3 GBP 0.17 69,698.30
BG Group Plc Q3 GBP 77.65 12,498.70
Reckitt Benckiser Group Plc Q3 GBP 243.53 9,478.68
Note: All Estimates are for Full Year
Carpetright, Mail.ru Group (Reg S), CPP Group, F&C Asset Management, International Ferro Metals Group, Senior,
Cineworld Group Plc, Bunzl Plc, International Personal Finance Plc
Eurasia Drilling Co Ltd. GDR (Reg S), JPMorgan Overseas Inv Trust, Metro Baltic Horizons, Murray Income Trust, Top
Level Domain Holdings Ltd. (DI)
Athol Gold Ltd. (DI), Datang International Power Generation Co Ltd., VinaCapital Vietnam Opportunity Fund Ltd.
Anite
BrainJuicer Group, Guinness Peat Group, Interserve, Molex Inc.
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)
Aktiebolaget Volvo Q3 SEK 8.99 305,049.00
Svenska Cellulosa Ab Sca Q3 SEK 8.32 107,317.00
Novartis Ag Q3 CHF 5.53 58,412.10
Compagnie De Saint Gobain Sa Q3 Sales EUR 3.47 42,250.60
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
McKesson Corp Q2 USD 6.23 119,210.00 U
United Parcel Service Inc Q3 USD 4.23 53,350.00 B
Amazon.com Inc Q3 USD 1.95 48,850.00 U
Express Scripts Inc Q3 USD 2.99 45,180.00 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

25 October 2011
What’s Hot & What’s Not
Kazakhmys BG Group -2.0%
8.0%
7.7% Lonmin International Power -1.7%
National Grid -1.0%
7.5% Antofagasta
7.1% Rio Tinto Shire -1.0%
6.8% Xstrata British American Tobacco -1.0%
GKN Tullow Oil -0.7%
5.4%
5.3% Vedanta Resources Next -0.7%
Lloyds Banking Group Severn Trent -0.7%
5.3%
5.2% BHP Billiton GlaxoSmithKline -0.6%
4.3% Anglo American Imperial Tobacco Group -0.6%
0.0% 2.3% 4.5% 6.8% 9.0% -2.5% -1.9% -1.3% -0.6% 0.0%
Major Movers & Shakers
 Miners, Kazakhmys, Vedanta Resources and Anglo American, rallied between 4.3% and 8.0%, in line with a rise in base metal
prices.
 Lloyds Banking Group surged 5.3%, on news that it was still considering the flotation of 630 bank branches which it had
planned to dispose off.
 Energy stocks, BG Group and Tullow Oil, declined 2.0% and 0.7%, respectively, ahead of the third-quarter results from the
former and some of its sector peers.
5 From The Floor Refer to the last page for disclaimer

25 October 2011
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6 From The Floor