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

1. From The Floor
14 September 2011
Key Global Indices
UK Market Snapshot
Last 1D % 5D % 1M% 1Y%
Cl ose Chg Chg Chg Chg  UK markets advanced yesterday, led by gains in banking sector stocks, amid
FTSE 100 5,174.3  0.9% 0.3% -3.3% -7.0% easing worries over the debt issues in Europe. Among banking stocks, HSBC,
DJSTOXX 50 2,082.5  1.3% -0.4% -7.3% -19.6% Lloyds Banking Group, Barclays and Royal Bank of Scotland added between
FTSEurofirst 300 900.4  1.1% -0.4% -7.1% -17.2% 1.3% and 5.3%, tracking a broad rally in European financial sector stocks,
German DAX 30 5,166.4  1.9% -0.5% -14.2% -17.5%
after BNP Paribas denied that it was struggling to get dollar based funding.
French CAC 40 2,894.9  1.4% -2.4% -10.6% -23.2%
Among energy stocks, BP gained 1.7%, in line with a rise in crude oil prices.
Russia RTS Index 1,572.0  0.3% -2.9% -5.0% 4.6%
S&P 500 1,172.9  0.9% 0.7% -2.6% 4.5%
Carnival climbed 2.9%, as Zacks Equity Research reiterated their “Neutral”
Dow Jones Industrials 11,105.8  0.4% -0.3% -3.3% 5.3%
rating on the stock, while Inmarsat rallied 2.0%, amid rumour of being a
Nasdaq Composite 2,532.2  1.5% 2.4% -0.9% 10.8% takeover target. However, Cairn Energy, the top laggard on the FTSE 100,
Brazil Bovespa 55,544.0  -0.3% -1.9% 1.6% -18.4% tumbled 8.2%, after it failed to find oil its well, off the coast of Greenland.
Nikkei 225* 8,566.5  -0.6% 0.3% -5.2% -7.6% FTSE 100 added 0.9% to 5,174.3, while FTSE 250 rose 0.3% to 10,011.0.
Shanghai Composite* 2,458.4  -0.5% 0.0% -5.9% -8.1%
Sensex*
*Time - BST
16,431.2  -0.2% -2.3%
5:11:03 AM
-2.2% -14.3%
European Market Snapshot
 Other European markets closed higher yesterday, led by a rally in banking
and automobile sector stocks, after reassuring comments from German
5,195 Chancellor, Angela Merkel, that Greece was taking the right steps to get its
next bailout payment helped contain Greece default fears. Banking stock,
5,163 Societe Generale, soared 15.0%, after Chief Executive Officer Frederic Oudea
stated that the bank has sufficient capital and liquidity, while BNP Paribas
5,130 rallied 7.2%, after the bank denied speculations that it was facing liquidity
problem. Among other financial stocks, Deutsche Boerse, rose 4.6%, after
5,098 the exchange operator and NYSE Euronext planned to make about €200
million through technology and clearing savings. Among automobile stocks,
5,065
8:00 9:45 11:30 13:15 15:00 16:35
PSA Peugeot Citroen rose 2.0%, after the company reported that it had
accelerated cost cuts. FTSEurofirst 300 index rose 1.1% to 900.4. German
DAX Xetra 30 rose 1.9% to 5,166.4. French CAC-40 climbed 1.4% to 2,894.9.
11,150
US Market Snapshot
11,110  US markets advanced yesterday, amid easing worries about a possible
downgrade of French banks. Further, lower than expected fall in U.S. import
11,070 prices and reassuring comments by German Chancellor, Angela Merkel,
confirming Germany’s commitment to help Greece, lifted market sentiment.
11,030 Diesel engine maker, Cummins, the top gainer on the S&P 500 index, surged
5.9%, after it anticipated that its annual sales would exceed the current
10,990 yearly run rate by more than 60% in 2015, and that it expected 2011 to be a
9:30 10:45 12:00 13:15 14:30 15:45 record year. Among financial stocks, Fifth Third Bancorp advanced 4.2%,
after RBC Capital raised its ratings on the stock to “Outperform” from
“Sector perform”. Biopharmaceutical Company, BioLineRx, the top gainer on
8,670 NASDAQ, jumped 38.2%, after a clinical trial showed that its drug for
neuropathic pain is safe. Coca-Cola added 3.7%, following an upgrade by
8,635 UBS to “Buy” from “Neutral”. DJIA rose 0.4% to 11,105.8. NASDAQ climbed
1.5% to 2,532.2. S&P 500 gained 0.9% to end at 1,172.9.
Asian Market Snapshot
8,600
8,565
 Asian markets are trading lower this morning, after China’s Premier, Wen
8,530 Jiabao, stated that developed nations should cut deficits and create jobs,
9:00 9:45 10:30 11:15 13:00 damping speculation that China would rescue Europe from an escalating
crisis. In Japan, Tokyo Electric Power, Kansai Electric Power and Chubu
Electric Power, traded lower, amid speculation that nation’s new trade
Manoj Ladwa 0207 392 1487 minister might take a tougher stance towards regional power monopolies.
Index and Equity Desk 0207 392 1479 Banking stocks, Mitsubishi UFJ Financial Group and Daiwa Securities Group,
Institutional Equities 0207 392 1477 paced declines, as risk aversion increased among investors. In Hong Kong,
Commodities 0207 392 1403
banking stocks, Bank of China and Hang Sang Bank traded lower as risk
Options 0207 392 1472
Currencies 0207 392 1455
appetite decreased among investors. In South Korea, exporters, Kia Motors,
Internet Dealing Desk 0207 392 1434
Hyundai Motor and Samsung Electronics, paced declines, amid worries over
global demand prospects. Nikkei 225 index is trading 0.6% lower, at 8,566.5.
Hang Seng index is 0.7% lower, at 18,894.7, while the Kospi index is trading
2.2% lower, at 1,773.1.
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. 14 September 2011
Commodities
90.5
1849.0 9,230 2,420
89.8 1835.3 9,073 2,390
$/ M T
$/ b b l
8,915 2,360
$ /OZ
89.1 1821.5
8,758 2,330
88.4
1807.8
8,600 2,300
87.7
0:00 5:30 11:00 16:30 22:30 1794.0 30-Aug 2-Sep 7-Sep 12-Sep
0:00 5:40 11:20 17:00 22:40 Copper - LHS Aluminium - RHS
 In Asia, crude oil for October delivery is trading 1.1 % higher at $89.20 per barrel. Yesterday, crude for October delivery
advanced 2.3% or $2.02 to $90.21per barrel, after International Energy Agency trimmed its global oil inventories estimates, and
announced that oil production in Libya would be slow in coming months.
 Gold for immediate delivery is trading 0.1% higher today, at $1,838.01 per ounce. Gold for December delivery added 0.9% or
$16.80 to settle at $1,830.10 per ounce yesterday, as a drop in dollar against major currencies and continued global economic
uncertainties spurred purchases of the yellow metal as an alternative investment.
Currencies
1.1638 1.5880 1.3750
1.1606 1.5850 1.3700
1.1574 1.5819 1.3650
1.1542 1.5789
1.3600
1.1510 1.5758
1.3550
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 $1.5763, 0.2% higher against the EUR at €1.1554, and
marginally lower against the JPY at ¥122.41. The GBP continued to depreciate against the USD, as Bank of England policy
maker, Adam Posen, stated yesterday, that the central bank might need to expand its bond-purchase program.
 The EUR is trading 0.3% lower against the USD at $1.3643. The EUR is trading 0.2% lower against the JPY at ¥105.09. The EUR
traded lower against the USD and JPY, amid fears that Greece’s debt woes would raise borrowing costs for other economies in
the region including Spain, ahead of its bonds auction tomorrow.
 The AUD and NZD traded lower against the USD, as lingering economic uncertainties and a fall in Asian equity markets,
dampened demand for higher-yielding currencies.
 Yesterday, the GBP closed lower against the USD, after a report showed that house-price expectations index had dropped in
August, adding to signs the nation’s economy is losing momentum.
 The USD closed lower against the EUR, as fears about European debt problems eased after German Chancellor, Angela Merkel,
confirmed Germany’s commitment to help Greece, increasing demand for high yielding assets.
 The CAD ended higher against the most of its major peers, after the nation’s biggest export, crude oil prices, reached to its
highest level in one-month. The AUD closed lower against the JPY, after economic data, a day earlier, showed the Australian
business confidence slid to the lowest in more than two years. The EUR closed lower against the JPY, amid speculation that
Greece was nearing default and as Italy’s cost of borrowing at its bond auction rose.
2 From The Floor Refer to the last page for disclaimer

3. 14 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 9:30 Claimant Count Change (Aug) 35.00 K 37.10 K Monthly
UK 9:30 Claimant Count Rate (Aug) 5.00% 4.90% Monthly
UK 9:30 Average Earnings Including Bonus (3M-YoY) (Jul) 2.70% 2.60% Monthly
UK 9:30 Average Earnings Excluding Bonus (3M-YoY) (Jul) 2.10% 2.20% Monthly
UK 9:30 ILO Unemployment Rate (3M) (Jul) 7.90% 7.90% Monthly
Eurozone 10:00 Industrial Production s.a. (MoM) (Jul) 1.50% -0.80% Monthly
Switzerland 8:15 Producer & Import Prices (MoM) (Aug) -0.40% -0.70% Monthly
US 12:00 MBA Mortgage Applications (W/E) - -4.90% Weekly
US 13:30 Retail Sales (MoM) (Aug) 0.20% 0.50% Monthly
US 13:30 Retail Sales Excluding Autos (MoM) (Aug) 0.20% 0.50% Monthly
US 13:30 Retail Sales Excluding Auto & Gas (Aug) 0.30% 0.30% Monthly
US 13:30 Producer Price Index (MoM) (Aug) -0.10% 0.20% Monthly
Producer Price Index Excluding Food & Energy (MoM)
US 13:30 0.20% 0.40% Monthly
(Aug)
US 15:00 Business Inventories (MoM) (Jul) 0.50% 0.30% Monthly
US 15:30 EIA Crude Oil Stocks Change (W/E) (Barrels) - -4.00 mn Weekly
Canada 13:30 Capacity Utilisation Rate (Q2) 78.00% 79.00% Quarterly
Japan 5:00 Tokyo Condominium Sales (YoY) (Aug) - -1.30% Monthly
Japan 5:30 Industrial Production (MoM) (Jul) - 0.60% Monthly
Japan 5:30 Capacity Utilisation (MoM) (Jul) - 5.20% Monthly
Japan 7:00 Machine Tool Orders (YoY) (Aug) - 15.30% Monthly
Re a l G D P - YoY CP I - YoY 10 Ye a r Bond Yi e l d 4.75%
UK 0.7% 4.4% 2.4%
US 1.6% 3.6% 2.1% 3.68%
Japan -1.0% 0.2% 1.0%
2.61%
France 0.9% 1.9% 3.4%
Germany 2.7% 2.4% 3.3%
1.54%
Brazil 4.2% 6.9% 4.0%
Russia 3.4% 9.0% 6.0% 0.47%
Sep-09
Jan-10
Jul-10
Sep-10
Jan-11
Jul-11
Nov-09
Mar-10
May-10
Nov-10
Mar-11
May-11
India 7.8% 8.6% 8.3%
China 9.7% 6.5% 3.9%
3 From The Floor Refer to the last page for disclaimer

4. 14 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)
Next Plc Interim GBP 234.48 3,523.75
Barratt Developments Plc Prelim GBP 6.93 2,196.82
Galliford Try Plc Prelim GBP 53.20 1,503.47
Hargreaves Services Plc Prelim GBP 119.07 580.37
Note: All Estimates are for Full Year
Artemis Alpha Trust, Datatec Ltd. (DI), ITM Power, Minera IRL Ltd., Mwana Africa, Northern 3 VCT, Stagecoach Thea-
tre Arts
JSC Sitronics GDR (Reg S)
Anite, Baronsmead VCT, Baronsmead VCT 2, Best of the Best, Betfair Group, Cash Converters International Ltd. Units,
Colefax Group, Dart Group, Falkland Islands Holdings, Goodwin Plc, Harmony Gold Mining Co Ltd., Henderson Smaller
Companies Inv Trust, Impala Platinum Holdings Ltd., Jacques Vert, Kesa Electricals, Medusa Mining Ltd. (DI), Renishaw,
Standard Life UK Smaller Companies Trust, Stewart & Wight
St James’s Place, Unilever
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)
Synergie Sa Q2 EUR 1.19 1,426.84
Club Mediterranee Sa Q3 Output EUR 0.49 1,423.72
Orpea Sa Q2 EUR 1.87 1,228.23
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
Pall Corp Q4 USD 3.76 3,100.00 U
Ascena Retail Group Inc Q4 USD 2.63 3,080.00 B
Clarcor Inc Q3 USD 2.42 1,140.00 U
Apogee Enterprises Inc Q2 USD 0.08 638.11 A
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. 14 September 2011
What’s Hot & What’s Not
Cairn Energy -8.2%
5.3% Royal Bank of Scotland
4.7% Barclays Land Securities Group -3.0%
Fresnillo -3.0%
4.2% Lloyds Banking Group
3.8% ITV G4S -2.0%
2.9% 3i Group Hargreaves Lansdown -2.0%
Burberry Group ICAP -1.5%
2.9%
2.9% Carnival Wolseley -1.4%
Whitbread Shire -1.1%
2.8%
2.8% IMI Intl Consolidated Airlines Group -1.1%
2.7% Essar Energy Unilever -1.0%
0.0% 1.5% 2.9% 4.4% 5.8% -8.7% -6.5% -4.4% -2.2% 0.0%
Major Movers & Shakers
 Cairn Energy slumped 8.2%, after failing to discover oil or gas at a second well off the coast of Greenland.
 Fresnillo dropped 3.0%, after Citigroup downgraded stock to “Sell” from “Neutral”.
 Banking stocks, RBS, Lloyds Banking Group and Barclays, added between 4.2% and 5.3%, tracking gains in their European
lenders.
 Essar Energy rose 2.7%, tracking a rise in crude oil prices.
5 From The Floor Refer to the last page for disclaimer

6. 14 September 2011
Disclaimer
This e-mail, including its contents and any attachments are confidential. Please delete this email and notify the sender
immediately, if you are not the named recipient. You should not copy it for any purpose or disclose its contents to any other
parties. Copyright is the property ETX Capital.
Any prices or data contained herein are indicative and subject to change without notice; its accuracy is not guaranteed and
should not be relied on. E-mail transmission cannot be guaranteed to be secure or free from errors. The sender therefore does
not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission.
Although ETX Capital has taken reasonable precautions to minimise the risk of transmitting software viruses, we advise you to
carry out your own virus checks on any attachment to this message. We make no representation or warranty as to the absence
of viruses in this e-mail or any attachments. In order to protect our customers and business and comply with our regulatory
requirements, we may monitor and read e-mails sent to and from our server(s).
If you receive this email in error, please telephone +44 (0) 20 7392 1494
ETX Capital is a trading name of Monecor (London) Limited which is registered in England at Beaufort House, 15 St Botolph
Street, London, EC3A 7DT under company number 851820, and is authorised and regulated by The Financial Services Authority,
FSA registration number 124721
6 From The Floor