I follow a few financial blogs, and one of them had a good theory.
It seems last night, unbeknownst to most traders, S&P downgraded Glencore, the Swiss metals trading house. Furthermore, there were market rumours going around that Glencore was looking to sell its 35% stake in Xstrata.
That was the worrying bit, since Glencore is very mysterious in its ways, as the blog says, and no one knows how big and how leveraged they are in their positions and where their positions are.
Of course, recession fears and global slowdown news played an effect, but the rout was kicked off on this though.
It's a pretty good read. www.marketsofoz.blogspot.com
Let's hope it is all quashed and markets rebound.
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Last
$39.73 |
Change
-0.280(0.70%) |
Mkt cap ! $201.4B | |||
| Open | High | Low | Value | Volume |
| $39.90 | $40.05 | $39.61 | $245.1M | 6.156M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3989 | $39.71 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $39.75 | 8637 | 2 |
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| BHP (ASX) Chart |