Glencore Slumps to Record Low on China Slowdown
Glencore Shares Slide as Much As 9.4% on China Slowdown
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Glencore Plc slumped to a record low after its billionaire boss said the world’s leading commodity trader was wrong-footed by the sharp slowdown in China.
The shares slid 9.7 percent to close at 158.95 pence in London trading, wiping $3.5 billion off its market value. The company earlier reported a 56 percent drop in first-half profit and cut the earnings forecast for its trading division.