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From the Floor 10 November 11
1. From The Floor
10 November 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg UK markets dropped sharply yesterday, as a surge in Italian borrowing cost
FTSE 100 5,460.4 -1.9% -0.4% 1.1% -7.1% above 7.0% raised concerns about worsening of the European debt crisis.
DJSTOXX 50 2,253.2 -1.5% -0.6% -0.1% -13.9% Auto insurer, Admiral Group, the top laggard on the FTSE 100 index,
FTSEurofirst 300 966.2 -1.8% -0.6% 0.2% -13.5% plummeted 25.6%, after its personal injury claims rose above historic levels,
German DAX 30 5,829.5 -2.2% -2.3% -0.3% -14.1%
leading the company to lower its earnings guidance for the current year.
French CAC 40 3,075.2 -2.2% -1.1% -2.7% -22.1%
Among banking stocks, HSBC declined 5.8%, after its third-quarter pre-tax
Russia RTS Index 1,512.9 -4.2% -0.9% 10.8% -8.8%
S&P 500 1,229.1 -3.7% -0.7% 2.9% 1.3%
profit dropped sharply and as it forecast a gloomy outlook. Business process
Dow Jones Industrials 11,780.9 -3.2% -0.5% 3.0% 3.8%
outsourcer, Capita Group lost 5.0%, after it failed to bag a £1.4 billion
Nasdaq Composite 2,621.7 -3.9% -0.7% 2.2% 2.3% pension contract. Tate & Lyle slipped 2.3%, after Investec downgraded the
Brazil Bovespa 57,549.7 -2.5% 0.4% 8.0% -19.7% stock to “Sell” from “Hold”. Tullow Oil lost 5.3%, as it lowered its full-year
Nikkei 225* 8,506.3 -2.8% 1.3% 1.7% -9.7% production target for 2011. Kesa Electricals fell 2.8%, after it announced that
Shanghai Composite* 2,498.1 -1.1% 0.8% 7.7% -19.5% it would pay £50 million to exit its Comet chain in the UK. FTSE 100 slumped
Sensex 17,362.1 -1.2% -0.6% 4.9% -17.1% 1.9% to 5,460.4. FTSE 250 fell 1.4% to 10,268.9.
*Time - BST 6:06:07 AM
European Market Snapshot
5,620 Other European markets ended sharply lower yesterday, led by losses in
financial sector stocks, as Italian bonds slumped, driving up yields to record
5,570 highs. Banking stocks, Alpha Bank, Dexia and Intesa Sanpaolo, plummeted
between 4.3% and 11.0%, as risk aversion increased among investors.
5,520 Broadcaster, Mediaset, tumbled 12.0%, after Silvio Berlusconi, its controlling
shareholder, announced plans to resign as Italy’s Prime Minister. Industrial
5,470 sector stock, Legrand, sank 4.3%, after KKR and Wendel sold their 24.3
million shares in company. Henkel dropped 4.5%, after its third-quarter
5,420 earnings fell short of market expectations. HeidelbergCement declined 3.8%,
8:00 9:45 11:30 13:15 15:00 16:35
after its peer Holcim reported a fall in third-quarter profit. FTSEurofirst 300
index declined 1.8% to 966.2. German DAX Xetra 30 fell 2.2% to 5,829.5.
French CAC-40 dropped 2.2% to 3,075.2.
12,220
US Market Snapshot
12,090
US markets plunged sharply on Wednesday, as a spike in Italian bond yields
raised concerns about Eurozone’s debt crisis. JPMorgan Chase lost 7.1% and
11,960
emerged as the top loser on the DJIA index, while Bank of America,
Goldman Sachs, Citigroup and Morgan Stanley slumped between 5.7% and
11,830
9.0%, amid increasing concerns of a contagion. Adobe Systems plunged
7.7%, as it decided to slash 750 jobs, as a part of its restructuring program.
11,700
9:30 10:45 12:00 13:15 14:30 15:45 Among technology stocks, Computer Sciences, the top loser on the S&P 500
index, plummeted 15.4%, as it swung to a second-quarter loss. Retailer,
Macy's lost 5.3%, after it lowered its guidance for the current quarter.
General Motors tumbled 11.0%, after it recorded a lower third-quarter
8,800
profit, amid losses in Europe and offered a disappointing outlook. DJIA
slumped 3.2% to close at 11,780.9. NASDAQ tumbled 3.9% to settle at
8,720
2,621.7. S&P 500 plunged 3.7% to end at 1,229.1.
8,640
Asian Market Snapshot
8,560
Asian markets are trading sharply lower this morning, following strong
overnight losses on Wall Street. Banks and exporters recorded losses, after
8,480
9:00 9:45 10:30 11:15 13:00
Italian bond yields rose above 7.0%, and amid speculation that Greece,
Ireland and Portugal would require international bailouts. In Japan, financial
stock, Daiwa Securities and Nomura Holdings, traded lower after Moody’s
Manoj Ladwa 0207 392 1487
Investors Service downgraded the former and warned of a possible credit-
Index and Equity Desk 0207 392 1479
rating downgrade of the latter. Exporters, Toshiba, Panasonic and Sony
Institutional Equities 0207 392 1477 paced losses as the yen strengthened against the dollar. In Hong Kong,
Commodities 0207 392 1403 banking stock, ICBC traded lower, amid speculation that Goldman Sachs had
Options 0207 392 1472 sold 1.75 billion shares of the company. Carmakers, SAIC and Anhui
Currencies 0207 392 1455 Jianghuai Automobile traded lower, after auto sales fell. In South Korea,
Internet Dealing Desk 0207 392 1434 technology stock, LG Display lost value, after the company announced to
halve its LCD investment. Nikkei 225 index is trading 2.8% lower, at 8,506.3.
Hang Seng index is trading 4.5% lower at 19,117.5, while the Kospi index is
trading 3.9% lower, at 1,832.7.
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. 10 November 2011
Commodities
98.0
1805.0 8,150 2,250
97.1 1791.3 8,013 2,208
$/ M T
$/ b b l
7,875 2,165
$ /OZ
96.1 1777.5
7,738 2,123
95.2
1763.8
7,600 2,080
94.2
0:00 6:40 13:20 20:00 3:20 1750.0 27-Oct 1-Nov 4-Nov 9-Nov
0:00 6:40 13:20 20:00 3:30 Copper - LHS Aluminium - RHS
In Asia, crude oil for December delivery is trading 0.3% or $0.24 lower at $95.50 per barrel. Yesterday, crude oil for December
delivery declined 1.1% or $1.10 to end at $95.74 per barrel, amid worries over demand prospects, after Italian bond yields
reached 7.0%.
Gold for immediate delivery is trading 0.6% lower today, at $1,761.39 per ounce. Gold for December delivery fell 0.4% or $7.60
to settle at $1,791.60 per ounce yesterday, as the dollar rose against the major currencies, decreasing the demand for the
precious metal as a hedge against inflation. Gold also traded lower, as investors took advantage of recent gains and preferred
to book profits.
Currencies
1.1770 1.6150 1.3900
1.1733 1.6083 1.3795
1.1695 1.6015 1.3690
1.1658 1.5948
1.3585
1.1620 1.5880
1.3480
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 marginally higher against the USD at $1.5916, marginally lower against the EUR at
€1.1761, and marginally higher against the JPY at ¥123.76.
The EUR is trading 0.1% higher against the USD at $1.3533.
The EUR is trading marginally higher against the JPY at ¥105.23.
The EUR is trading higher against the USD and the JPY, ahead of Italy’s sale of €5 billion one-year bills today.
Yesterday, the USD closed higher against the EUR, amid fears that Italy and Greece would struggle to form strong governments
required to implement austerity measures.
The AUD ended lower against the JPY and the USD, amid speculation that Australian unemployment rate would show a rise in
October.
2 From The Floor Refer to the last page for disclaimer
3. 10 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
UK 12:00 Bank of England Asset Purchase Target (Nov) 275.00 bn 275.00 bn Monthly
UK 12:00 Bank of England Rate Decision (Nov 10) 0.50% 0.50% -
Germany 7:00 Consumer Price Index (YoY) (Oct) 2.50% 2.50% Monthly
Germany 7:00 Consumer Price Index - EU Harmonised (YoY) (Oct) 2.80% 2.80% Monthly
Germany 7:00 Wholesale Price Index (YoY) (Oct) - 5.70% Monthly
France 6:30 Consumer Price Index (YoY) (Oct) 2.30% 2.20% Monthly
France 6:30 Consumer Price Index Excluding Tobacco Index (Oct) 122.65 122.49 Monthly
France 6:30 Consumer Price Index - EU Harmonised (YoY) (Oct) 2.50% 2.40% Monthly
France 7:45 Industrial Production (YoY) (Sep) 3.90% 4.40% Monthly
France 7:45 Manufacturing Production (YoY) (Sep) 5.00% 5.10% Monthly
Eurozone 9:00 ECB Publishes Nov. Monthly Report - - Monthly
Eurozone 10:00 European Commission Releases Economic Growth Forecasts - - -
US 13:30 Trade Balance (Sep) -$46.20 bn -$45.60 bn Monthly
US 13:30 Import Price Index (YoY) (Oct) 12.30% 13.40% Monthly
US 13:30 Initial Jobless Claims (W/E) 400.00 K 397.00 K Weekly
US 13:30 Continuing Claims (W/E) 3680.00 K 3683.00 K Weekly
US 19:00 Monthly Budget Statement (Oct) -$105.00 bn -$140.40 bn Monthly
Canada 13:30 International Merchandise Trade (Sep) -C$0.57 bn -C$0.62 bn Monthly
Japan 5:00 Consumer Confidence (Oct) 39.00 38.60 Monthly
Japan 23:50 Domestic Corporate Goods Price Index (YoY) (Oct) 2.20% 2.50% Monthly
Japan 23:50 Loans & Discounts Corp (YoY) (Sep) - -1.60% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d -5.0
UK 0.5% 5.2% 2.2%
US 1.6% 3.9% 2.0% -6.5
Billion
Japan -1.0% 0.0% 1.0%
-8.0
France 1.6% 2.2% 3.2%
Germany 2.7% 2.5% 1.7%
-9.5
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -11.0
Sep-09
Nov-09
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-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. 10 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)
Vedanta Resources PLC Interim GBP 3.92 14,295.60
Zhejiang Expressway Co Interim - 0.43 6,999.84
Experian PLC Interim GBP 0.80 4,692.72
Wincanton PLC Interim GBP 20.53 1,830.70
Dairy Crest Group PLC Interim GBP 47.51 1,624.95
Note: All Estimates are for Full Year
BBA Aviation, Eurasian Natural Resources Corp., Hansard Global, Howden Joinery Group, IMI, Morrison (Wm) Super-
markets, Restaurant Group, Schroders, Schroders (Non-Voting), Sportech, Trinity Mirror, Balfour Beatty Plc, Novae
Group Plc, STV Group PLC, Yule Catto and Co PLC, Cookson Group Plc, WH Smith Plc
Craneware, Genus, JPMorgan Global Emerging Income Trust, Medusa Mining Ltd. (DI), Stellar Diamonds, Synairgen,
Thorpe (F.W.)
Mitie Group
Quayle Munro Holdings
British American Inv Trust, Yule Catto & Co
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)
Siemens AG Final EUR 7.38 75,943.60
Repsol YPF SA Q3 EUR 1.88 67,614.70
EDF SA Q3 Sale EUR 1.82 65,587.30
RWE AG Q3 EUR 4.46 51,930.90
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
Walt Disney Co Q4 USD 2.88 43,090.00 U
Kohl's Corp Q3 USD 4.42 19,120.00 B
Nordstrom Inc Q3 USD 3.14 10,450.00 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. 10 November 2011
What’s Hot & What’s Not
Randgold Resources Ltd Admiral Group -25.6%
2.4%
1.2% Smith & Nephew Essar Energy -7.2%
HSBC Holdings -5.8%
0.9% International Power
0.8% Severn Trent Royal Bank of Scotland -5.6%
0.8% United Utilities Barclays -5.5%
Vodafone Group Resolution Ltd -5.3%
0.4%
0.1% Next Tullow Oil -5.3%
Aviva -5.1%
Capita Group -5.0%
Investec -4.9%
0.0% 0.6% 1.3% 1.9% 2.5% -28.0% -21.0% -14.0% -7.0% 0.0%
Major Movers & Shakers
Admiral Group slumped 25.6%, after it reduced its earnings guidance for the year, citing higher-than-expected personal injury
claims.
Essar Energy plummeted 7.2%, as crude oil prices retreated.
HSBC lost 5.8%, following a fall in its third-quarter pre-tax profit.
Banks, Barclays and RBS, dropped 5.5% and 5.6%, respectively, as risk appetite decreased among investors.
Tullow oil sank 5.3%, after it trimmed its full- year output target.
Capita Group tumbled 5.0%, after it lost a £1.4 billion pensions contract.
5 From The Floor Refer to the last page for disclaimer
6. 10 November 2011
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6 From The Floor