ETX Capital -From The Floor is a daily briefing and global market report to keep you informed as you trade

1. From The Floor
01 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets dropped sharply yesterday, led by declines in mining and
FTSE 100 5,544.2  -2.8% -0.1% 8.1% -2.3% banking sector stocks, as investors remained cautious and awaited further
DJSTOXX 50 2,318.0  -1.9% 0.8% 7.3% -8.8% details about the eurozone rescue package. Among mining sector stocks,
FTSEurofirst 300 996.0  -2.2% 0.7% 7.9% -8.3% Vedanta Resources, the top laggard on the FTSE 100 index, declined 9.0%,
German DAX 30 6,141.3  -3.2% 1.4% 11.6% -7.0%
while BHP Billiton and Xstrata retreated 6.4% and 7.7%, respectively, as
French CAC 40 3,242.8  -3.2% 0.7% 8.7% -15.4%
metal prices lost ground amid worries over demand from China. Security
Russia RTS Index 1,563.3  -2.9% 3.6% 16.6% -1.5%
S&P 500 1,253.3  -2.5% -0.1% 10.8% 5.9%
firm, G4S lost 1.0%, amid news that its largest two stake holders were set to
Dow Jones Industrials 11,955.0  -2.3% 0.3% 9.5% 7.5%
oppose the ISS takeover deal. Bankers, Barclays, Lloyds Banking Group, and
Nasdaq Composite 2,684.4  -1.9% -0.6% 11.1% 7.1% Royal Bank of Scotland retreated between 2.9% and 7.6%, on doubts over
Brazil Bovespa 58,338.4  -2.0% 2.5% 11.5% -17.5% the eurozone bailout agreement. BP and BG group retreated 1.3% and 4.7%,
Nikkei 225* 8,886.8  -1.1% 1.6% 3.3% -2.3% respectively, as oil prices lost ground. FTSE 100 shed 2.8% to close at 5,544.2.
Shanghai Composite* 2,467.4  0.0% 4.1% 4.6% -17.1% FTSE 250 slumped 2.7% to settle at 10,479.7.
Sensex* 17,591.1  -0.6% 4.5% 7.6% -11.6%
*Time - BST 6:18:57 AM
European Market Snapshot
 Other European markets closed sharply lower yesterday, as investors
5,720 remained concerned about the European policymakers’ ability to raise funds
to expand the bailout facility and following cautious comments from China
5,673 over the eurozone bailout deal. Moreover, lower-than-expected increase in
German retail sales and zero growth in the Spanish economy in the third
5,625 quarter dampened market sentiment further. Among banking stocks,
UniCredit tumbled 5.7%, following report that the company planned to raise
5,578 €6 billion to €8 billion, while Deutsche Bank slumped 8.6%, following report
that it held $1.016 billion in unsecured credit in the US broker MF Global,
5,530
8:00 9:45 11:30 13:15 15:00 16:35
which filed for bankruptcy yesterday. ThyssenKrupp fell 6.5%, after UBS
downgraded the stock to “Neutral” from “Buy.” Vestas Winds Systems
plummeted 24.3%, after the company issued a profit warning, late Sunday.
FTSEurofirst 300 index declined 2.2% to 996.0. German DAX Xetra 30 fell
12,250 3.2% to 6,141.3. French CAC-40 edged down 3.2% to settle at 3,242.8.
12,170
US Market Snapshot
12,090  US markets plummeted yesterday, amid renewed concerns about the
European leaders’ ability to raise funds to contain the region’s debt crisis.
12,010 Lincoln National, the top laggard on the S&P 500 index, plunged 11.0%, as
risk aversion increased among investors and after MF Global Holdings filed
11,930 for bankruptcy. JP Morgan Chase and Deutsche Bank declined 5.3% and
9:30 10:45 12:00 13:15 14:30 15:45 11.5%, respectively, as they were mentioned as the two largest creditors in
the MF Global bankruptcy filing. Among mining stocks, Freeport-McMoRan
Copper & Gold, Rio Tinto and Alcoa declined between 5.9% and 7.0%, as
9,000 base metal prices fell. Yahoo dropped 5.6% amid report that the company is
mulling to sell its Asian assets and redistribute proceeds to shareholders. First
8,970 Solar fell 7.8%, after the UK government proposed a 55% cut in its solar
subsidy scheme. DJIA fell 2.3% to 11,955.0. NASDAQ shed 1.9% to 2,684.4.
8,939 S&P 500 fell 2.5% to 1,253.3.
8,909 Asian Market Snapshot
8,878
 Asian markets are trading mostly lower this morning, led by losses in
9:00 9:45 10:30 11:15 13:00 13:45 exporters and banking sector stocks, tracking overnight losses on Wall Street,
and after report showed that China’s manufacturing purchasing managers
index (PMI) fell to 50.4 in October. In Japan, Toyota Motor and Mitsubishi
Manoj Ladwa 0207 392 1487 Motors paced declines, amid concerns about global economic recovery.
Index and Equity Desk 0207 392 1479 Panasonic fell after the company reported a fiscal second-quarter loss. In
Institutional Equities 0207 392 1477 Hong Kong, banks, HSBC Holdings and Bank of China traded lower, tracking
Commodities 0207 392 1403
a fall in their European and US peers. Petrochina and Cnooc traded lower
Options 0207 392 1472
following lower crude oil prices. However, in South Korea, exporters bucked
Currencies 0207 392 1455
Internet Dealing Desk 0207 392 1434
the trend and led the Kospi Index higher. Samsung Electronics and Hyundai
Motor gained values, after South Korea announced that its exports increased
9.3% in October from a year earlier. Nikkei 225 index is trading 1.1% lower,
at 8,886.8. Hang Seng index is trading 1.4% lower at 19,584.7, while the
Kospi index is trading 0.2% higher, at 1,912.4.
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. 1 November 2011
Commodities
93.9
1750.0 8,150 2,250
93.3 1738.8 7,813 2,213
$/ M T
$/ b b l
7,475 2,175
$ /OZ
92.6 1727.5
7,138 2,138
92.0
1716.3
6,800 2,100
91.3
0:00 6:40 13:20 20:00 3:20 1705.0 18-Oct 21-Oct 26-Oct 31-Oct
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 0.9% or 84 cents lower at $92.35 per barrel. Yesterday, crude oil for
December delivery declined 0.1% or 13 cents to settle at $93.19 per barrel, as the dollar gained against the euro, decreasing
the demand for the commodities as an alternative investment. Crude oil prices also paced decline amid speculation of large-
scale commodity-position liquidation after MF Global filed for bankruptcy.
 Gold for immediate delivery is trading 0.3% higher today, at $1,719.11 per ounce. Gold for December delivery 1.3% or $22 to
end at $1,725.20 per ounce yesterday, as the dollar rose against the major currencies, decreasing the demand for the precious
metal as a hedge against inflation.
Currencies
1.1650 1.6170 1.4200
1.1578 1.6115 1.4100
1.1505 1.6060 1.4000
1.1433 1.6005
1.3900
1.1360 1.5950
1.3800
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 lower against the USD at $1.6071, 0.1% higher against the EUR at €1.1615,
and 0.2% lower against the JPY at ¥125.60.
 The EUR is trading 0.2% lower against the USD at $1.3837.
 The EUR is trading 0.4% lower against the JPY at ¥108.13.
 The EUR is trading lower against the USD and the JPY, amid speculation that an economic slowdown in the European region
would pressure the European Central Bank to consider cutting interest rates.
 The USD strengthened against most of its major counterparts after data showed that Chinese manufacturing index dropped in
October, boosting demand for the USD as a safe haven currency.
 Yesterday, the JPY closed lower against all major currencies, after Japan intervened in to foreign-exchange markets to weaken
its currency.
 The AUD closed lower against the USD, amid speculation that Reserve Bank of Australia would cut its benchmark interest rates
following report that showed Australia’s consumer prices rose 2.6% this month from a year earlier
 The GBP ended lower against the USD, following reports that showed business expectations slumped and house prices fell in
the UK. GBP closed higher against the EUR, amid mounting concerns that the European rescue plan to contain the region’s
sovereign debt crisis might fail.
2 From The Floor Refer to the last page for disclaimer

3. 1 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 - BoE Housing Equity Withdrawal (Q2) -6.00 bn -5.80 bn Quarterly
UK 7:00 Nationwide House Prices s.a. (MoM) (Oct) 0.00% 0.10% Monthly
UK 7:00 Nationwide House Prices n.s.a. (YoY) (Oct) 0.50% -0.30% Monthly
UK 9:30 Gross Domestic Product (QoQ) (Q3) 0.30% 0.10% Quarterly
UK 9:30 Gross Domestic Product (YoY) (Q3) 0.40% 0.60% Quarterly
UK 9:30 Purchasing Manager Index Manufacturing (Oct) 50.00 51.10 Monthly
UK 9:30 Index of Services (3M-MoM) (Aug) 0.50% 0.90% Monthly
UK 9:30 Index of Services (MoM) (Aug) 0.00% 0.20% Monthly
Germany 8:55 Purchasing Manager Index Manufacturing (Oct) 48.90 48.90 Monthly
Eurozone 9:00 Purchasing Manager Index Manufacturing (Oct) 47.30 47.30 Monthly
Switzerland 8:15 Retail Sales (Real) (YoY) (Sep) 2.30% -1.90% Monthly
Switzerland 8:30 SVME-Purchasing Managers Index (Oct) 47.70 48.20 Monthly
US 14:00 Construction Spending (MoM) (Sep) 0.30% 1.40% Monthly
US 14:00 ISM Manufacturing (Oct) 52.00 51.60 Monthly
US 14:00 ISM Prices Paid (Oct) 55.00 56.00 Monthly
US 21:00 Domestic Vehicle Sales (Oct) 10.30 mn 10.17 mn Monthly
US 21:00 Total Vehicle Sales (Oct) 13.20 mn 13.04 mn Monthly
Japan - Official Reserve Assets (Oct) - $1200.60 bn Monthly
Japan 1:30 Labor Cash Earnings (YoY) (Sep) 0.00%* -0.40% Monthly
Japan 5:00 Vehicle Sales (YoY) (Oct) - 1.70% Monthly
Japan 23:50 Monetary Base (YoY) (Oct) 17.30% 16.70% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 65.0
UK 0.7% 5.2% 2.6%
US 1.6% 3.9% 2.3% 58.8
Japan -1.0% 0.0% 1.0%
52.5
France 1.6% 2.2% 3.2%
Germany 2.7% 2.5% 2.2%
46.3
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% 40.0
Oct-09
Apr-10
Jun-10
Apr-11
Jun-11
Dec-09
Aug-10
Oct-10
Feb-10
Dec-10
Aug-11
Feb-11
India 7.7% 9.0% 8.9%
China 9.1% 6.1% 3.7%
3 From The Floor Refer to the last page for disclaimer

4. 1 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)
Imperial Tobacco Group Plc Prelim GBP 207.03 8,120.96
888 Holdings Interim GBP 0.05 287.94
Wolfson Microelectronics Plc Q3 GBP (0.02) 164.26
Redefine International Interim GBP 3.00 67.40
Endace Ltd Interim GBP 0.19 45.95
Note: All Estimates are for Full Year
National Express Group, Rathbone Brothers, Stagecoach Group, Aegis Group Plc
Jupiter Primadona Growth Trust, Pan African Resources, Prime Focus London
NWF Group
Keller Group, Smith & Nephew, Mercantile Inv Trust, Torchmark Corp
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)
Sandvik AB Q3 SEK 7.18 93,000.20
Credit Suisse Group AG Q3 CHF 2.93 27,973.70
Kvaerner ASA Q3 NOK 1.99 13,065.60
Coloplast A/S Final DKK 48.28 10,869.20
Koninklijke DSM NV Q3 EUR 3.70 8,972.66
Indutrade AB Q3 SEK 13.69 7,827.64
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
Valero Energy Corp Q3 USD 4.55 117,590.00 U
Archer-Daniels-Midland Co Q1 USD 3.11 84,310.00 D
AmerisourceBergen Corp Q4 USD 2.81 80,510.00 U
Pfizer Inc Q3 USD 2.25 66,500.00 U
World Fuel Services Corp Q3 USD 2.61 33,210.00 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. 1 November 2011
What’s Hot & What’s Not
GlaxoSmithKline Vedanta Resources -9.0%
1.2%
0.3% WM Morrison Supermarkets Kazakhmys -8.8%
Royal Bank of Scotland -7.8%
0.1% BT Group
Xstrata -7.7%
Lloyds Banking Group -7.6%
Antofagasta -7.0%
Anglo American -6.8%
Lonmin -6.7%
ICAP -6.6%
Rio Tinto -6.5%
0.0% 0.3% 0.7% 1.0% 1.3% -10.0% -7.5% -5.0% -2.5% 0.0%
Major Movers & Shakers
 GlaxoSmithKline rose 1.2%, after Cowen upgraded the stock to “Outperform” from “Neutral”.
 WM Morrison edged up 0.3%, ahead of its trading update next week, and after Jefferies reiterated its “Buy” rating on the
stock.
 Miners, Vedanta Resources, Xstrata, and Rio Tinto, tumbled between 9.0% and 6.5%, in line with a fall in base metal prices,
amid speculation of decrease in demand from China.
 Banking stocks, RBS and Lloyds Banking, dropped 7.8% and 7.6%, respectively, amid renewed concerns about the eurozone
debt crisis.
5 From The Floor Refer to the last page for disclaimer

6. 1 November 2011
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6 From The Floor