The document provides an overview of global market performance and key economic indicators. UK and European markets closed lower due to political uncertainty in Italy and Greece. In the US, markets closed slightly higher after comments from an ECB policymaker predicted the Eurozone crisis would end within two years. Most Asian markets are trading lower due to Eurozone debt concerns and Italian political turmoil. Key economic data releases are scheduled throughout the day from several countries including the UK, Germany, France, Switzerland, US and Canada.

1. From The Floor
8 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed lower yesterday, amid political uncertainty in Italy and
FTSE 100 5,510.8  -0.3% -0.6% 3.9% -6.2% Greece. Weir Group fell 3.7%, after analysts indicated that its order book has
DJSTOXX 50 2,265.3  -0.7% -2.3% 1.9% -13.0% been priced in and unchanged revenue guidance might disappoint investors.
FTSEurofirst 300 974.7  -0.5% -2.1% 2.9% -12.3% International Consolidated Airlines Group led the fallers on the FTSE 100
German DAX 30 5,928.7  -0.6% -3.5% 4.5% -12.2%
index, tumbling 4.5%, after Investec downgraded the stock to “Sell” from
French CAC 40 3,103.6  -0.6% -4.3% 0.3% -20.8%
“Hold”. Among banking stocks, Lloyds Banking Group declined 3.1%, while
Russia RTS Index 1,563.2  1.4% 0.0% 19.2% -2.5%
S&P 500 1,261.1  0.6% 0.6% 9.1% 2.9%
Barclays and Royal Bank of Scotland lost 2.3% and 3.6%, respectively, amid
Dow Jones Industrials 12,068.4  0.7% 0.9% 8.7% 5.5%
renewed Eurozone worries. Insurers, Prudential, Legal & General and Aviva
Nasdaq Composite 2,695.3  0.3% 0.4% 8.7% 4.5% slipped between 0.4% and 2.0%, as falling equity markets raised concerns
Brazil Bovespa 59,198.8  0.9% 1.5% 15.5% -18.5% about their portfolios. Smith & Nephew retreated 1.6%, after Credit Suisse
Nikkei 225* 8,683.3  -1.0% -2.5% 1.9% -8.9% slashed its ratings on the stock to “Neutral” from “Outperform”. Essar
Shanghai Composite* 2,521.3  0.5% 1.7% 6.4% -19.8% Energy lost 1.8%, after revealing worse-than-expected trading update. FTSE
Sensex* 17,542.3  -0.1% -0.8% 8.2% -16.4% 100 edged down 0.3% to 5,510.8. FTSE 250 shed 0.8% to settle at 10,302.2.
*Time - BST 6:13:22 AM
European Market Snapshot
5,560  Other European markets closed in the negative territory yesterday, as
investors remained concerned about Italy’s ability to meet its debt
5,528 obligations, following reports that Italian Prime Minister, Berlusconi might
resign before a budget vote in Parliament this week. Retailers, Metro,
5,495 Hennes & Mauritz and Carrefour, declined between 1.1% and 2.6%, after
European retail sales fell more-than-expected in September. Carrefour also
5,463 lost value after Citigroup downgraded the stock to “Sell” from “Neutral”.
Telecommunications-equipment major, Alcatel-Lucent, plummeted 7.7%,
5,430 after Standard & Poor’s Equity Research cut its recommendations on the
8:00 9:45 11:30 13:15 15:00 16:35
stock to “Sell” from “Hold”. Postal operator, PostNL, tumbled 7.4%, after its
third-quarter operating profit fell 22.0%. Metal-cutting tools maker, Sandvik,
fell 3.2%, after it offered kr 6.19 billion to buy the shares of its subsidiary,
12,080
Seco Tools. FTSEurofirst 300 index declined 0.6% to 974.7. German DAX
Xetra 30 eased 0.6% to 5,928.7. French CAC-40 fell 0.6% to 3,103.6.
12,030
US Market Snapshot
11,980
 US markets closed slightly higher on Monday, recouping from early losses,
after European Central Bank policymaker, Juergen Stark, predicted that the
11,930
Eurozone crisis would be over within two years. Drug maker, Amgen, the top
riser on the S&P 500 index, surged 5.9%, after it offered to repurchase 10.0%
11,880
9:30 10:45 12:00 13:15 14:30 15:45 of its outstanding shares, worth $5 billion. Securities and investment banking
group, Jefferies advanced 1.4%, following a reduction in its gross holdings of
sovereign securities of Portugal, Italy, Ireland, Greece and Spain by almost
50.0%. Dish Network gained 5.0%, after it announced a special dividend, as
8,778
its third-quarter earnings rose 30%. Pharmasset soared 4.9%, after reporting
strong cure rates for its hepatitis-C treatment. General Motors rose 1.7%,
8,751
after it reiterated plans to double its annual sales to 5 million vehicles in
China by 2015. DJIA added 0.7% to close at 12,068.4. NASDAQ edged up
8,724
0.3% to settle at 2,695.3. S&P 500 gained 0.6% to end at 1,261.1.
8,697
Asian Market Snapshot
8,670
9:00 9:45 10:30 11:15 13:00 13:45
 Asian markets are trading mostly lower this morning, as Eurozone debt
concerns and Italian political turmoil overshadowed Greece moving closer to
forming a new government. In Japan, exporters, Sony, Nikon and Panasonic
Manoj Ladwa 0207 392 1487
traded lower, amid concern that slowing economic growth would impact
Index and Equity Desk 0207 392 1479
demand. Olympus lost value, after it announced that a third-party panel
Institutional Equities 0207 392 1477 discovered the use of multiple funds to defer losses from the deals. In Hong
Commodities 0207 392 1403 Kong, banking stocks, Bank of Communications, Agricultural Bank of China
Options 0207 392 1472 and Industrial & Commercial Bank of China traded higher on hopes of policy
Currencies 0207 392 1455 easing in China. Energy stocks, Cnooc and Petrochina gained value, as crude
Internet Dealing Desk 0207 392 1434 oil prices rose yesterday. In South Korea, exporters, Kia Motors and Samsung
Electronics paced losses, amid concerns about demand. Nikkei 225 index is
trading 0.1% lower, at 8,683.3. Hang Seng index is trading 0.7% higher at
19,804.9, while the Kospi index is trading 0.1% lower, at 1,916.6.
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. 8 November 2011
Commodities
96.5
1805.0 8,150 2,250
95.6 1792.5 7,988 2,208
$/ M T
$/ b b l
7,825 2,165
$ /OZ
94.8 1780.0
7,663 2,123
93.9
1767.5
7,500 2,080
93.0
0:00 6:40 13:20 20:00 3:20 1755.0 25-Oct 28-Oct 2-Nov 7-Nov
0:00 6:40 13:20 20:00 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading marginally lower at $95.46 per barrel. Yesterday, crude oil for December
delivery advanced 1.3% or $1.26 to settle at $95.52 per barrel, after a report showed that crude oil production in Saudi Arabia
had dropped by 140,000 barrels per day in October.
 Gold for immediate delivery is trading 0.2% lower today, at $1,790.80 per ounce. Gold for December delivery added 2.0% or
$35 to end at $1,791.10 per ounce yesterday, after Germany denied use of its gold reserves to help increase the region’s rescue
fund. Gold also traded higher, as lingering concerns about Europe’s debt crisis spurred purchase of the precious metal as an
alternative investment.
Currencies
1.1690 1.6070 1.3820
1.1671 1.6045 1.3785
1.1653 1.6020 1.3750
1.1634 1.5995
1.3715
1.1615 1.5970
1.3680
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 0.1% lower against the USD at $1.6043, 0.1% lower against the EUR at €1.1666, and
0.2% lower against the JPY at ¥125.18.
 The EUR is trading 0.1% lower against the USD at $1.3752.
 The EUR is trading 0.1% lower against the JPY at ¥107.30.
 The USD and JPY are trading higher against the GBP and the EUR, ahead of Italian Prime Minister Silvio Berlusconi facing a
budget vote, and amid concerns that Italy would struggle to manage its debt, increasing demand for safer assets.
 The AUD is trading lower against the USD, after Australia’s trade surplus came in lower-than-expected.
 Yesterday, the GPB ended higher against the EUR, amid speculation that European policymakers would fail to prevent the
spread of the sovereign-debt crisis.
 The CAD rose against all of its major peers, as the nation’s largest export, crude oil prices touched the highest level in three
months.
 The CHF fell against the EUR, amid speculation that the Swiss National Bank would weaken its currency.
2 From The Floor Refer to the last page for disclaimer

3. 8 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 RICS House Price Balance (Oct) -24.00%* -23.00% Monthly
UK 0:01 BRC Sales Like-For-Like (YoY) (Oct) -0.60%* 0.30% Monthly
UK 8:30 Industrial Production (YoY) (Sep) -0.80% -1.00% Monthly
UK 8:30 Industrial Production (MoM) (Sep) 0.10% 0.20% Monthly
UK 8:30 Manufacturing Production (MoM) (Sep) 0.10% -0.30% Monthly
UK 8:30 Manufacturing Production (YoY) (Sep) 1.90% 1.50% Monthly
UK 15:00 NIESR Gross Domestic Product Estimate (Oct) - 0.50% Monthly
Germany 7:00 Trade Balance (Sep) €12.50 bn €11.80 bn Monthly
Germany 7:00 Current Account (Sep) €12.30 bn €7.00 bn Monthly
Germany 7:00 Exports s.a. (MoM) (Sep) -0.80% 3.50% Monthly
Germany 7:00 Imports s.a. (MoM) (Sep) 0.40% -0.10% Monthly
France 7:45 Trade Balance (Sep) -€6.00 bn -€4.97 bn Monthly
Eurozone - EcoFin Meeting - - -
Switzerland 6:45 SECO Consumer Confidence (Oct) -22.00 -17.00 Monthly
US 12:30 NFIB Small Business Optimism (Oct) 90.00 88.90 Monthly
US 15:00 IBD/TIPP Economic Optimism (Nov) 41.10 40.30 Monthly
US 15:00 JOLTs Job Openings (Sep) - 3056.00 Monthly
Canada 13:15 Housing Starts (Oct) 195.00K 207.60K Monthly
Japan 23:50 Trade Balance - BOP Basis (Sep) ¥351.70 bn -¥694.70 bn Monthly
Japan 23:50 Current Account Total (Sep) ¥1452.20 bn ¥407.50 bn Monthly
Japan 23:50 Bank Lending Including Trusts (YoY) (Oct) -0.10% -0.30% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 20.0
UK 0.5% 5.2% 2.3%
US 1.6% 3.9% 2.0% 9.3
Japan -1.0% 0.0% 1.0%
-1.5
France 1.6% 2.2% 3.1%
Germany 2.7% 2.5% 1.8%
-12.3
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -23.0
Apr-10
Jun-10
Apr-11
Jun-11
Dec-09
Aug-10
Oct-10
Oct-11
Feb-10
Dec-10
Aug-11
Feb-11
India 7.7% 10.1% 9.0%
China 9.1% 6.1% 3.7%
3 From The Floor Refer to the last page for disclaimer

4. 8 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)
Vodafone Group PLC Interim GBP 15.90 46,658.60
Prudential PLC Prelim GBP 59.81 24,181.40
Associated British Foods PLC Prelim GBP 84.94 11,723.70
Marks And Spencer Group PLC Interim GBP 33.56 10,117.00
Coca-Cola HBC S.A. Interim EUR 1.10 7,015.35
Babcock International Group PLC Interim GBP 61.13 3,379.67
First Quantum Minerals LD Interim GBP 1.83 2,840.81
Note: All Estimates are for Full Year
Bovis Homes Group, Bwin.party Digital Entertainment, G4S, Hammerson, Hardy Oil & Gas, Lloyds Banking Group, Pru-
dential, SEGRO, RSM Tenon Group Plc, Capital & Counties Properties Plc, Jardine Lloyd Thompson Group Plc, Persim-
mon Plc, Bodycote Plc, AZ Electronic Materials SA
A&J Mucklow Group, Asian Citrus Holding, Energy XXI (Bermuda) (Di), Strategic Equity Capital
Ashley (Laura) Holding
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)
Muenchener Rueck Gesellschaft AG Q3 EUR 6.30 48,486.20
Sas AB Q3 SEK 0.61 41,010.60
Endesa SA Q3 EUR 2.04 29,137.70
Societe Generale Q3 EUR 4.53 25,735.80
Adecco SA Q3 CHF 2.84 20,595.00
Gas Natural Sdg SA Q3 EUR 1.25 20,394.60
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
URS Corp Q3 USD 3.58 9,820.00 D
Liberty Interactive Corp Q3 USD 0.86 9,610.00 D
Core Mark Holding Co Inc Q3 USD 2.58 8,150.00 U
Ugi Corp Q4 USD 2.53 6,390.00 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. 8 November 2011
What’s Hot & What’s Not
ICAP Intl Consolidated Airlines Group -4.5%
3.5%
2.0% Randgold Resources Ltd ARM Holdings -3.8%
Weir Group -3.7%
1.8% SSE
1.6% Severn Trent Royal Bank of Scotland -3.6%
1.6% International Power Lloyds Banking Group -3.1%
Centrica Hammerson -2.9%
1.6%
1.5% Fresnillo ITV -2.5%
Anglo American Rexam -2.4%
1.3%
1.2% United Utilities IMI -2.3%
1.2% Next Barclays -2.3%
0.0% 1.0% 2.0% 3.0% 4.0% -5.0% -3.8% -2.5% -1.3% 0.0%
Major Movers & Shakers
 Icap gained 3.5%, amid investors perception that the shares are now cheaply valued.
 Precious metal stocks, Randgold Resources and Fresnillo, added 2.0% and 1.5% respectively, tracking higher gold and silver
prices.
 Anglo American rose 1.3%, after Deutsche Bank raised its target price on the stock.
 International Consolidated Airlines Group dropped 3.5%, as investors remained concerned about its decision to purchase BMI.
 ARM Holdings lost 3.8%, despite news that Microsoft’s next generation Xbox would use its chip designs.
 Weir Group fell 3.7%, amid speculation that the company’s unchanged guidance might disappoint investors.
 Banking stocks, RBS, Lloyds and Barclays, eased between 2.3% and 3.1%, as risk appetite decreased among investors.
5 From The Floor Refer to the last page for disclaimer

6. 8 November 2011
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6 From The Floor