Glencore Gloom Envelops Rivals as Asia Commodity Shares Drop
- Glencore shares fall almost 30% in Hong Kong amid debt concern
- Producers, traders drop from Japan to Australia on Tuesday
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Asia’s biggest commodities companies tumbled from Sydney to Tokyo as the collapse in Glencore Plc’s stock highlighted the threat of sliding raw materials prices amid China’s economic slowdown.
The company’s almost 30 percent plunge in London on Monday reverberated around Asia as Australian miners BHP Billiton Ltd. and Rio Tinto Group slumped with trading companies including Noble Group Ltd. PetroChina Co. was among Chinese oil explorers caught up in the selloff. While Glencore sank by a record in Hong Kong as trading resumed after a holiday, its stock was 6.7 percent higher at 8:50 a.m. in London.