Home Shares Asian shares fall, dragged by Glencore

Asian shares fall, dragged by Glencore

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Asian shares fall, dragged by Glencore

Asian shares fell sharply on Tuesday as falling commodity prices continue to affect global markets.

The Shanghai Composite closed down 2% at 3,038.14 and in Tokyo, the Nikkei 225 index closed down 4.05% at 16,930.84.

Japanese shares have suffered a difficult period over the last few weeks, with the economy struggling to pick up again after a disappoint second quarter. The index dropped to an eight-month low, as investors await the Bank of Japan’s Tankan business confidence survey due to be released on Thursday.

Markets are uncertain throughout Asia as investors await the manufacturing surveys on Thursday for more information on the extent of the slowdown in China.

Elsewhere in Asia, Hong Kong’s Hang Seng index also closed down 3% at 20,556.60 on its first day back after the national holiday. A 30 percent drop in Glencore shares (LON:GLEN) pulled the benchmark index down.

Shares in mining giant Glencore have fallen 87 percent since it listed in 2011 as commodity prices continue to fall, with more than 7 billion pounds in market value wiped out over the last week.

Yesterday was a difficult day all round for the mining sector, with uncertainty in the sector also pushing Australian-listed shares of BHP Billiton (ASX:BHP) down 6.4%, and Rio Tinto (ASX:RIO) 4.6%.