zerohedge.com / by Tyler Durden / 09/29/2015 06:52 -0400
It was a tale of two markets overnight: Asia first – where all commodity hell broke loose – and then Europe (and the US), where central banks did everything they could to stabilize the already terrible sentiment.
Asian markets were a bloodbath as we covered previously, with China’s Shanghai Composite sliding 2%, even as some big-cap marquee names plunged, but the one stock everyone was focusing on was Singapore-listed Noble Group (SGX:N21), which as we explained previously is Asia’s largest commodity trader and thus the continent’s “Glencore”, whose CDS blew out overnight, its 2020 bonds crashed to record lows and stock plunged as much as 15% before closing down 10% on Glencore – and commodity – counterparty risks and general liquidation concerns. This was broadly in line with the mauling of Australian miners which as we showed previously, also plunged overnight as the commodity liquidation ripple effects are starting to be felt virtually everywhere.
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