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

1. From The Floor
30 September 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets closed lower yesterday, as a drop in commodity sector stocks
FTSE 100 5,196.8  -0.4% 3.1% -1.4% -6.7% overshadowed German support for a bigger Eurozone bailout fund and
DJSTOXX 50 2,178.7  0.7% 7.4% 0.0% -12.8% upbeat US economic data. Mining stocks, Rio Tinto, Vedanta Resource,
FTSEurofirst 300 933.3  0.6% 6.6% -0.7% -12.4% Antofagasta, Xstrata and Fresnillo declined between 3.0% and 4.5%, as
German DAX 30 5,639.6  1.1% 9.2% -0.1% -9.7%
metal prices lost ground. Further, a downgrade to “Neutral” from “Buy” at
French CAC 40 3,027.7  1.1% 8.8% -4.2% -19.0%
Goldman Sachs also weighed on Antofagasta. Hedge fund manager, Man
Russia RTS Index 1,389.1  1.6% 0.1% -16.4% -7.1%
S&P 500 1,160.4  0.8% 2.7% -4.3% 1.4%
Group lost 2.2%, as RBS and Macquarie, both cut their ratings on the stock.
Dow Jones Industrials 11,154.0  1.3% 3.9% -3.5% 2.9%
Retailer, Burberry, the top loser on the FTSE 100 index, slipped 8.3%, as
Nasdaq Composite 2,480.8  -0.4% 1.0% -3.7% 4.4% Citigroup trimmed 2012 growth forecast of the Chinese economy. However,
Brazil Bovespa 53,384.7  0.2% 0.2% -3.6% -22.9% banking stocks bucked the trend, with Lloyds Banking Group, Royal Bank of
Nikkei 225* 8,669.3  -0.4% 1.6% -2.8% -9.0% Scotland and Standard Chartered rising between 1.0% and 2.7%, amid
Shanghai Composite* 2,356.5  -0.4% -3.2% -7.8% -9.4% improvement in market sentiment. Tate & Lyle rose 2.9%, after it issued
Sensex* 16,552.9  -0.9% 2.1% 0.1% -16.3% upbeat guidance for the rest of the year. FTSE 100 lost 0.4% or 20.8 points
*Time - BST 5:09:29 AM to close at 5,196.8. FTSE 250 shed 0.5% or 53.2 points to settle at 9,985.5.
5,250
European Market Snapshot
 Other European markets closed in the positive territory yesterday, as
5,229 European leaders’ agreement on an expansion of the bailout fund, coupled
with better-than-expected US GDP and a drop in US jobless benefits
5,208 bolstered optimism about the economic recovery. Banking stocks, BNP
Paribas, Societe Generale and Deutsche Bank soared between 3.9% and
5,186 5.8%, as risk appetite increased among investors. Clothing retailer, H&M,
rallied 6.8%, after the company reported that its third-quarter operating
5,165 profit fell less-than-expected. Deutsche Lufthansa rose 2.5%, after the
8:00 9:45 11:30 13:15 15:00 16:35 German government announced that the introduction of an emissions-
trading system might be delayed if a “competitively neutral” solution could
not be found for European airlines. FTSEurofirst 300 index advanced 0.6% or
11,270
6.0 points to 933.3. German DAX Xetra 30 rose 1.1% or 61.2 points to end at
5,639.6. French CAC-40 edged up 1.1% or 32.0 points to settle at 3,027.7.
11,195
US Market Snapshot
11,120
 US markets ended mostly higher yesterday, as upbeat US economic data and
German support for expansion of Eurozone’s expansion fund boosted
11,045
market sentiment. Hartford Financial Services Group, the top gainer on the
S&P 500 index, surged 8.2%, while JPMorgan Chase, Bank of America and
10,970
9:30 10:45 12:00 13:15 14:30 15:45 Genworth Financial advanced between 3.0% and 7.8%, amid easing worries
over the European debt crisis. Advanced Micro Devices plunged 13.7%, after
it slashed its revenue and profit forecast for the third quarter. Manufacturer
of recreational vehicles, Thor Industries surged 21.1%, after its fourth-quarter
8,755
and full fiscal-year earnings surpassed market expectations. However,
BioDelivery Sciences, the top laggard on the NASDAQ, plunged 59.5%, after
8,729
it stated that it failed to improve its pain drug. DJIA gained 1.3% 11,154.0.
NASDAQ slipped 0.4% to 2,480.8. S&P 500 advanced 0.8% to end at 1,160.4.
8,703
8,676
Asian Market Snapshot
 Asian markets are trading lower this morning, as a rise of 0.8% in Japanese
8,650
industrial production in August was offset by HSBC’s China Manufacturing
9:00 9:45 10:30 11:15 13:00
Purchasing Managers’ Index that was flat in September from its reading in
August, amid weak domestic and overseas demand. In Japan, exporters,
Manoj Ladwa 0207 392 1487
Toyota Motor, Nissan Motor and Canon paced declines, on speculation that
Index and Equity Desk 0207 392 1479
demand for their products would slow due to ongoing global worries,
Institutional Equities 0207 392 1477 However losses are restricted by gains in banking sector stocks. In Hong
Commodities 0207 392 1403 Kong, banking stocks, Bank of China, Hang Seng Bank and Industrial &
Options 0207 392 1472 Commercial Bank of China traded lower, as risk aversion increased among
Currencies 0207 392 1455 investors. In South Korea, exporters, Kia Motors, Hyundai Motor and
Internet Dealing Desk 0207 392 1434 Samsung Electronics, paced declines, reversing their earlier session gains amid
concerns about future demand. Nikkei 225 index is trading 0.4% lower, at
8,669.3. Hang Seng index is 2.1% lower, at 17,640.3, while the Kospi index is
trading 1.0% lower, at 1,751.0.
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. 30 September 2011
Commodities
84.0
1647.5 9,090 2,370
82.9 1630.1 8,518 2,315
$/ M T
$/ b b l
7,945 2,260
$ /OZ
81.7 1612.8
7,373 2,205
80.6
1595.4
6,800 2,150
79.4
0:00 5:30 11:00 16:30 22:40 1578.0 15-Sep 20-Sep 23-Sep 28-Sep
0:00 5:40 11:20 17:00 23:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for November delivery is trading 0.6% or 51 cents higher at $82.65 per barrel. Yesterday, crude oil for
November delivery added 1.2% or 93 cents higher to finish at $82.14 per barrel, amid expectation of an increase in energy
demand, as US weekly jobless claims dropped and GDP data came in better-than-expected, and after the German parliament
voted in favour of increasing the size and flexibility of the Eurozone rescue fund.
 Gold for immediate delivery is trading 0.3% higher today, at $1,629.16 per ounce. Gold for December delivery settled 0.1% or
80 cents lower to end at $1,617.30 per ounce yesterday, as demand for the safe haven asset waned, amid speculation that the
global economy was recovering, following a drop in US initial jobless claims and better-than-expected GDP data. However, a fall
in the dollar kept the losses in check.
Currencies
1.1537 1.5725 1.3690
1.1517 1.5676 1.3645
1.1498 1.5628 1.3599
1.1478 1.5579
1.3554
1.1458 1.5530
1.3508
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 0.1% lower against the USD at $1.5592, 0.3% higher against the EUR at €1.1513, and
0.3% lower against the JPY at ¥119.43.
 The EUR is trading 0.4% lower against the USD at $1.3543. The currency is trading 0.6% lower against the JPY at ¥103.73.
 The JPY and USD are trading higher against the EUR, ahead of release of reports that might indicate US consumer spending
slowed in August and retail sales in Germany decreased, boosting demand for safe haven currencies.
 The NZD is trading lower against the USD, after the Standard & Poor's Ratings Services and the Fitch rating both downgraded
New Zealand government’s debt rating.
 Yesterday, the EUR ended higher against the USD, as positive US economic data and the German parliament’s approval of a
bigger European bailout fund for sovereign debt crisis, increased the demand for high yielding assets.
2 From The Floor Refer to the last page for disclaimer

3. 30 September 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 GfK Consumer Confidence Survey (Sep) -30.00* -31.00 Monthly
Germany 7:00 Retail Sales (MoM) (Aug) -0.50% 0.30% Monthly
Germany 7:00 Retail Sales (YoY) (Aug) -1.00% -1.60% Monthly
France 7:45 Consumer Spending (MoM) (Aug) 0.20% 1.20% Monthly
France 7:45 Consumer Spending (YoY) (Aug) 1.30% 1.80% Monthly
Eurozone 10:00 Consumer Price Index Estimate (YoY) (Sep) 2.50% 2.50% Monthly
Eurozone 10:00 Unemployment Rate (Aug) 10.00% 10.00% Monthly
Switzerland 10:30 KOF Swiss Leading Indicator (Sep) 1.33 1.61 Monthly
US 13:30 Personal Consumption Expenditure Core (MoM) (Aug) 0.20% 0.20% Monthly
US 13:30 Personal Consumption Expenditure Core (YoY) (Aug) 1.70% 1.60% Monthly
US 13:30 Personal Income (MoM)(Aug) 0.10% 0.30% Monthly
US 13:30 Personal Spending (Aug) 0.20% 0.80% Monthly
Personal Consumption Expenditure Deflator (YoY)
US 13:30 3.00% 2.80% Monthly
(Aug)
US 14:45 Chicago Purchasing Managers' Index (Sep) 56.50 56.50 Monthly
US 14:55 Reuters/Michigan Consumer Sentiment Index (Sep) 57.80 57.80 Monthly
Canada 13:30 Gross Domestic Product (MoM) (Jul) 0.30% 0.20% Monthly
Canada 13:30 Gross Domestic Product (YoY) (Jul) 2.30% 2.00% Monthly
Japan 0:30 Household Spending (YoY) (Aug) -4.10%* -2.10% Monthly
Japan 0:30 Jobless Rate (Aug) 4.30%* 4.70% Monthly
Japan 0:30 National Consumer Price Index (YoY) (Aug) 0.20%* 0.20% Monthly
Japan 0:30 Job-To-Applicant Ratio (Aug) 0.66* 0.64 Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 490.00
UK 0.7% 4.5% 2.3%
US 1.6% 3.6% 1.9% 463.75
Japan -1.0% 0.2% 1.0%
437.50
France 1.6% 2.2% 2.5%
Germany 2.7% 2.4% 1.8%
411.25
Brazil 3.1% 7.2% 4.0%
Russia 3.4% 9.0% 6.0% 385.00
Jun-11
Jun-11
Jun-11
Jul-11
Jul-11
Sep-11
Sep-11
May-11
May-11
Apr-11
Aug-11
Aug-11
India 7.7% 8.4% 8.3%
China 9.7% 6.2% 4.1%
3 From The Floor Refer to the last page for disclaimer

4. 30 September 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)
Alexon Group Plc Interim GBP 1.04 144.75
Green Dragon Gas Ltd. (DI) Interim USD 0.05 110.99
The Mission Marketing Group Plc Interim GBP 4.00 94.90
Panmure Gordon And Co Plc Interim GBP 0.70 45.30
Note: All Estimates are for Full Year
Hyder Consulting Plc
African Copper, Content Media Corporation, Dawson International, DCD Media, Henderson Smaller Companies Inv
Trust, Jacques Vert, John Swan & Sons, Private & Commercial Finance Group, Triple Plate Junction, United Carpets
Group, Hot Rocks Investments plc, Kazakhstan Kagazy Plc
Cazenove Absolute Equity Ltd., OAO Severstal GDR (Reg S), Promethean
Aquarius Platinum Ltd., Atkins (WS), Cash Converters International Ltd. Units, Downing Distribution VCT 1, Downing
Structured Opportunities VCT 1, Downing Structured Opportunities VCT 1 'B' Shares, John Swan & Sons, Medusa Min-
ing Ltd. (DI), NCC Group, REA Holdings
Clarkson, Densitron Technologies, Glencore International, Irish Continental Group Units, Jupiter Fund Management,
Meggitt, New World Resources A Shares, North Midland Construction, Ocean Wilsons Holdings Ltd., Paddy Power,
Pennant International Group, REA Holdings, Rights & Issues Inv Trust Income Shares, SR Europe Inv Trust, Tamar Euro-
pean Industrial Fund Ltd., Temple Bar Inv Trust, MedicX Fund Ltd
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)
Kappahl Holding Ab (Publ) Q4 SEK 2.94 5,166.37
Bricorama Sa Q2 EUR 2.72 688.69
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 PS E sti ma te d Re ve nue (Mn) T i me
Sen Yu International Holdings Inc Q4 USD - - 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. 30 September 2011
What’s Hot & What’s Not
Burberry Group -8.3%
6.6% Wolseley
3.8% Intl Consolidated Airlines Fresnillo -4.5%
Xstrata -3.9%
3.8% Smiths Group
2.9% Tate & Lyle Vedanta Resources -3.7%
2.9% Aviva Aggreko -3.6%
Standard Chartered Glencore International -3.3%
2.7%
2.0% GKN ARM Holdings -3.2%
Cairn Energy Antofagasta -3.2%
1.8%
1.8% National Grid Rio Tinto -3.0%
1.7% Capital Shopping Centres Lonmin -2.7%
0.0% 1.8% 3.5% 5.3% 7.0% -8.7% -6.5% -4.4% -2.2% 0.0%
Major Movers & Shakers
 International Consolidated Airlines Group rose 3.8%, after the stock was rated “Overweight” in new coverage at JPMorgan
Chase.
 Tate & Lyle added 2.9%, after its Chief Executive stated that an “encouraging start” to the financial year has carried on into the
second quarter with “solid demand”.
 Insurers, Aviva and Standard Charter, climbed 2.9% and 2.7%, tracking a rise in their European peers.
 Burberry Group tumbled 8.3%, tracking a fall in its European peers.
 Miners, Xstrata, Antofagasta and Rio Tinto, dropped between 3.0% and 3.9%, amid fear that a slowdown in China’s economy
could curb demand for base metals. Antofagasta also lost value, after Goldman Sachs downgraded the stock to “Neutral” from
“Buy”.
 Aggreko lost 3.6%, amid speculation that its rival, APR Energy, had signed an agreement with Caterpillar and Ring Power.
 Lonmin fell 2.7%, following lower platinum prices.
5 From The Floor Refer to the last page for disclaimer

6. 30 September 2011
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6 From The Floor