Glencore gloom envelops rivals as Asia commodity shares fall
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Singapore
ASIA'S biggest commodities companies tumbled from Sydney to Tokyo on Tuesday 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 per cent 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 sell-off. While Glencore sank by a record in Hong Kong as trading resumed after a holiday, its stock was 6.7 per cent higher at 8.50am in London.
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