Spreadex Market Update
Asian stocks slip and Glencore profits tumble
Hong Kong stocks slid 0.8% on Wednesday as investors sold financials, and while its benchmark index has rallied by 18% since late June, on a price-to-earnings basis, it still remains around one standard deviation below a 20-year average. This indicates investors are not fully convinced about the durability of the gains. However, there were risers, with Japanese markets leading the way, rising by 0.6%.
In other news, Glencore Plc, reported a 66% drop in first-half profit on lower raw-materials prices. The Baar, a Switzerland-based company said in a statement Wednesday that net income excluding some items in the six months to June 30 fell to $300 million from a year earlier, down from $318 million. Net debt declined to $23.6 billion. Glencore announced this morning a $670 million deal to sell future output from an Australian gold and copper mine.
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