Reuters reporting a note from Barclays
- Glencore says it's a misconception that it needs investment grade ratings for its marketing business
- Glencore says it has up to $50bln of credit lines opened for trading with banks, of which only 30% is currently utilised
- oil amounts to $12bln out of its $17bln inventories, average inventory turn for oil is 8 days
- sees further opportunities to reduce working capital in the trading business by $2-3bln
Glencore still in the headlines but having now erased this week's share price losses which in turn has steadied equity markets which in turn has put the euro on the back foot again
Which in turn has brought a little risk appetite back which in turn has lifted USDJPY and USDCHF
See? Seamless!
Oh, and better than expected Chinese mftg PMI helped too albeit still a very soggy reading below 50
