Glasenberg unable to ‘read China’ as Glencore slumps to huge loss

Ivan Glasenberg's hopes of taking over Rio Tinto have taken a hit amid a $US676 million loss for the first half of 2015.

Glencore chief executive Ivan Glasenberg has conceded he cannot “read” the Chinese economy at the moment, and had been “surprised” by the savage downturn in commodity prices over the past six months.

The frank admissions, which are at odds with Mr Glasenberg’s reputation for market wisdom, came after Glencore’s balance sheet collapsed into a $US676 million statutory loss.

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