1. From The Floor
31 October 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed mixed on Friday, with the FTSE 100 ending marginally
FTSE 100 5,702.2  -0.2% 3.9% 9.3% 0.4% lower, led by a retreat in financial sector stocks. Additionally, investors
DJSTOXX 50 2,361.8  0.0% 3.6% 9.2% -7.1% remained concerned about the UK economy after data showed that UK
FTSEurofirst 300 1,018.1  -0.2% 4.1% 9.8% -6.2% consumer confidence index had dropped to its lowest level in more than two
German DAX 30 6,346.2  0.1% 6.3% 13.8% -3.8%
and a half years in October. Among banks, Lloyds Banking Group, the top
French CAC 40 3,348.6  -0.6% 5.6% 11.8% -12.7%
loser on the FTSE 100 index, declined 5.2%, while Royal Bank of Scotland and
Russia RTS Index 1,610.3  1.1% 10.5% 17.8% 1.7%
S&P 500 1,285.1  0.0% 3.8% 11.6% 8.6%
Barclays lost 3.6% and 4.2%, respectively, amid profit booking and doubts
Dow Jones Industrials 12,231.1  0.2% 3.6% 11.1% 10.1%
over the longer-term effectiveness of the eurozone bailout deal. Man Group
Nasdaq Composite 2,737.2  -0.1% 3.8% 9.9% 9.2% lost 4.7%, ahead of its first-half results next week. Among the gainers, WPP
Brazil Bovespa 59,513.1  0.4% 7.7% 11.7% -15.4% gained 1.6%, after the company reported a 9.0% increase in its third-quarter
Nikkei 225* 9,037.7  -0.1% 4.3% 5.0% -3.4% revenue. Exillon Energy surged 12.8%, after it announced a 53.0% rise in its
Shanghai Composite* 2,456.4  -0.7% 6.7% 3.4% -17.3% average daily production for the third-quarter earlier last week. Miners, Rio
Sensex* 17,708.6  -0.5% 6.1% 8.3% -10.7% Tinto and Xstrata advanced 1.6% and 1.9%, respectively. FTSE 100 fell 0.2%
*Time - BST 6:12:02 AM to 5,702.2, while FTSE 250 rose 0.3% to 10,773.1.
5,748
European Market Snapshot
 Other European markets closed mostly lower on Friday, as optimism over the
5,732 European leaders’ strategy to resolve the eurozone debt crisis faded and
amid renewed concerns over the contagion spreading to Italy. Utility stock,
5,715 Electricite de France dropped 5.5%, amid reports that the company has
decided to delay the building of four nuclear reactors in the UK. Carmaker,
5,699 Peugeot slipped 1.6%, after Royal Bank of Scotland downgraded the stock to
“Hold” from “Buy”. Chemical maker, Wacker Chemie slumped 9.8%, after the
5,682 company reported third-quarter sales that trailed market expectations.
8:00 9:45 11:30 13:15 15:00 16:35 However, Deutsche Bank gained 1.2%, after Morgan Stanley added the stock
to its “most preferred” banks list. Renault rallied 4.5%, after the company,
late Thursday, reported a rise in its third-quarter earnings. FTSEurofirst 300
12,238
index lost 0.2% to 1,018.1. German DAX Xetra 30 rose 0.1% to end at
6,346.2. French CAC-40 slipped 0.6% to settle at 3,348.6.
12,220
US Market Snapshot
12,202
 US markets closed mostly higher on Friday, as US consumer sentiment
improved in October for the second month in a row. Hewlett-Packard, the
12,183
top gainer on the DJIA index, climbed 3.5%, after dropping the idea of
spinning off its personal computer division. Merck rose 2.3%, as its third
12,165
9:30 10:45 12:00 13:15 14:30 15:45 quarter result exceeded market expectations. Among coal miners, Cloud
Peak Energy, Cliffs Natural Resources and Arch Coal advanced between 3.3%
and 10.9%, after they raised their outlook. However, technology stocks
ended mostly lower. Computer Programs and Systems slumped 28.5% and
9,127
emerged as the top laggard on the NASDAQ, after its third quarter result
missed market expectations. Medical-device maker, NuVasive plunged 16.1%,
9,097
after a broker slashed its rating on the stock to “Market Perform” from
“Outperform”. DJIA edged 0.2% higher to settle at 12,231.1. NASDAQ
9,068
edged down 0.1% to 2,737.2. S&P 500 finished marginally higher to 1,285.1.
9,038
Asian Market Snapshot
9,008  Asian markets are trading lower this morning, as investors booked profits
9:00 9:45 10:30 11:15 13:00 13:45
after the last week’s rally and ahead of the US Federal Reserve policymakers
meet this week. In Japan, Sony lost value amid reports that the company
Manoj Ladwa 0207 392 1487
was in talks to end its flat-panel television joint venture with Samsung
Index and Equity Desk 0207 392 1479
Electronics. Tohoku Electric dropped after it reported a higher-than-expected
Institutional Equities 0207 392 1477 first-half net loss. In Hong Kong, property developers, China Resources Land
Commodities 0207 392 1403 and China Overseas Land & Investment traded lower after Chinese Premier,
Options 0207 392 1472 Wen Jiabao, stated that the government should “firmly” maintain property
Currencies 0207 392 1455 curbs. China Construction Bank slipped after its quarterly results fell short of
Internet Dealing Desk 0207 392 1434 market expectations. In South Korea, Hyundai Mobis traded lower after
various brokers reduced their share-price estimate on the stock. Nikkei 225
index is trading 0.1% lower, at 9,037.7. Hang Seng index is trading 1.1%
down at 19,791.7, while the Kospi index is trading 1.2% lower, at 1,905.5.
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

2. 31 October 2011
Commodities
94.0
1755.0 8,150 2,250
93.5 1742.5 7,813 2,213
$/ M T
$/ b b l
7,475 2,175
$ /OZ
93.0 1730.0
7,138 2,138
92.5
1717.5
6,800 2,100
92.0
0:00 5:30 11:00 16:30 22:40 1705.0 17-Oct 20-Oct 25-Oct 28-Oct
0:00 5:20 10:40 16:00 22:20 3:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for December delivery is trading 76 cents lower at $92.56 per barrel. On Friday, crude oil for December
delivery closed 0.7% or 64 cents lower at $93.32 per barrel, as Japanese factory production registered a higher-than-expected
decline of 4% in September.
 Gold for immediate delivery is trading 1.6% lower today, at $1715.18 per ounce. Gold prices for December delivery eased
0.03% or 50 cents to $1,747.20 per ounce on Friday, amid easing demand for safe haven asset, after US data on consumer
sentiment and spending came in better-than-expected. However, losses were limited, as Italy’s borrowing costs rose to a record
at a sale of three-year bonds.
Currencies
1.1435 1.6157 1.4220
1.1409 1.6106 1.4165
1.1383 1.6055 1.4110
1.1356 1.6004
1.4055
1.1330 1.5953
1.4000
0:00 6:15 12:30 18:45 4:00 0:00 6:15 12:30 18:45 4:00
0:00 6:15 12:30 18:45 4:00
 At 0400 BST today, the GBP is trading 0.9% lower against the USD at $1.5973, 0.1% higher against the EUR at €1.1399, and
3.6% higher against the JPY at ¥126.496.
 The EUR is trading 1.0% lower against the USD at $1.4009.
 The EUR is trading 3.5% higher against the JPY at ¥110.942
 The JPY dropped against most other currencies after Japan stepped into the foreign-exchange markets to weaken the currency
for the third time this year, as recent gains in the currency had threatened the country’s exporters.
 The AUD dropped against the USD amid speculation that Reserve Bank of Australia’s Governor, Glenn Stevens, would cut
interest rates at a policy meeting tomorrow, after Australia’s consumer prices rose 2.6% this month from a year earlier.
 The AUD and NZD fell against its major peers, amid speculation that business activity in the US weakened, damping demand
for riskier assets.
 On Friday, the EUR closed lower against the USD and the GBP, as expectations faded that Europe would be able to contain its
debt crisis.
2 From The Floor Refer to the last page for disclaimer

3. 31 October 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 (Oct) -15.00* 7.00 Monthly
UK 0:01 Hometrack Housing Survey (MoM) (Oct) -0.20%* -0.10% Monthly
UK 9:30 Net Consumer Credit (Sep) £0.40 bn £0.50 bn Monthly
UK 9:30 Net Lending Sec. on Dwellings (Sep) £0.60 bn £0.60 bn Monthly
UK 9:30 Mortgage Approvals (Sep) 50.60 K 52.40 K Monthly
UK 9:30 M4 Money Supply (MoM) (Sep) - -0.20% Monthly
UK 9:30 M4 Ex OFCs 3M Annualised (Sep) - 2.30% Monthly
Germany 7:00 Retail Sales (MoM) (Sep) 1.00% -2.70% Monthly
Germany 7:00 Retail Sales (YoY) (Sep) 1.60% 2.20% Monthly
France 7:45 Producer Prices (MoM) (Sep) 0.10% 0.00% Monthly
Eurozone 10:00 Consumer Price Index Estimate (YoY) (Oct) 2.90% 3.00% Monthly
Eurozone 10:00 Unemployment Rate (Sep) 10.00% 10.00% Monthly
Canada 12:30 Industrial Product Price (MoM) (Sep) 0.10% 0.50% Monthly
Canada 12:30 Raw Materials Price Index (MoM) (Sep) -2.40% -3.20% Monthly
Canada 12:30 Gross Domestic Product (MoM) (Aug) 0.20% 0.30% Monthly
Canada 12:30 Gross Domestic Product (YoY) (Aug) 2.20% 2.30% Monthly
US 13:45 Chicago Purchasing Manager (Oct) 59.00 60.40 Monthly
US 14:30 Dallas Fed Manufacturing Activity (Oct) -5.00 -14.40 Monthly
Japan 5:00 Construction Orders (YoY) (Sep) - 9.30% Monthly
Japan 5:00 Annualised Housing Starts (Sep) 0.91 mn 0.93 mn Monthly
Japan 5:00 Housing Starts (YoY) (Sep) 8.60% 14.00% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 1.30%
UK 0.7% 5.2% 2.6%
US 1.6% 3.9% 2.3% 0.93%
Japan -1.0% 0.0% 1.0%
0.55%
France 1.6% 2.2% 3.2%
Germany 2.7% 2.5% 2.2%
0.18%
Brazil 3.1% 7.3% 4.0%
Russia 3.4% 7.2% 6.0% -0.20%
Jun-10
Jun-11
Oct-09
Feb-10
Oct-10
Dec-09
Apr-10
Aug-10
Feb-11
Dec-10
Apr-11
Aug-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. 31 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)
Berkeley Group Holdings Interim GBP 90.72 850.48
JJB Sports Interim GBP (14.26) 393.98
Trading Emissions Prelim GBP 3.50 5.00
Pure Wafer Plc Prelim GBP (0.55) -
Anglo Pacific Group Plc Q3 GBP - -
Centamin Egypt Ltd. Q3 GBP - -
Note: All Estimates are for Full Year
Capital Shopping Centres Group, Forth Ports, Mondi, Barclays Plc, Etalon Group Ltd GDR (Reg S)
India Hospitality Corp. (DI), Indus Gas Ltd., Psource Structured Debt Ltd.
Hals-Development JSC GDR (Reg S)
Abbey, Alumasc Group
Wynnstay Group, JP Morgan Chase & 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)
Credit Suisse Group AG Q3 CHF 2.92 28,037.80
Kvaerner ASA Q3 NOK 1.99 13,065.40
Tenaris SA Q3 EUR 1.23 9,848.38
TNT Express NV Q3 EUR 0.23 7,246.64
Koebenhavns Lufthavne A/S Q3 DKK 97.22 3,368.25
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
Humana Inc Q3 USD 7.65 36,820.00 B
Allstate Corp Q3 USD 0.79 25,890.00 U
Loews Corp Q3 USD 2.87 14,200.00 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. 31 October 2011
What’s Hot & What’s Not
Essar Energy Lloyds Banking Group -5.2%
4.9%
2.7% G4S Man Group -4.7%
Barclays -4.2%
2.7% ICAP
2.6% Randgold Resources Ltd Royal Bank of Scotland -3.6%
2.3% Intertek Group Aviva -3.3%
Hammerson Intl Consolidated Airlines Group -3.2%
2.1%
2.0% ITV Admiral Group -3.1%
Xstrata Prudential -2.5%
1.9%
1.9% Experian Royal Dutch Shell- B -2.0%
1.9% Land Securities Group Centrica -1.9%
0.0% 1.4% 2.7% 4.1% 5.4% -5.4% -4.1% -2.7% -1.4% 0.0%
Major Movers & Shakers
 Lloyds Banking Group, Royal Bank of Scotland and Barclays dropped between 3.6% and 5.2%, amid concerns over the longer-
term effectiveness of the eurozone bailout deal.
 Man Group lost 4.7%, ahead of its first-half results next week.
 Insurers, Prudential and Aviva, slipped 2.5% and 3.3%, respectively, in line with a drop in the broader equity market.
 International Consolidated Airlines dropped 3.2%, after a broker downgraded the stock to “Reduce” from “Neutral”.
 ITV rose 2.0%, after RBS recommended buying the stock.
5 From The Floor Refer to the last page for disclaimer

6. 31 October 2011
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6 From The Floor