Global stocks smashed, hurting Australian share market
GLOBAL stocks have fallen to their lowest level in more than two years compounding a day of massive losses on the Australian share market.
Mining and trading giant Glencore, whose shares fell by almost a third on Monday on investor concern over its debt levels, recovered partly during trading in London overnight, surging 17 per cent by 12:30am (AEST).
That was after the company's Hong Kong-listed shares closed down 29 per cent on Tuesday.
Glencore released a statement saying it had taken proactive steps to position the company to withstand current commodity market conditions.
"Our business remains operationally and financially robust - we have positive cash flow, good liquidity and absolutely no solvency issues," it said in the statement.