European equities started the session somewhat bearish, as main indices are losing: DAX (-0,08%), FTSE (-0,29%) or CAC 40 (-0,13%). It’s worth to note that although the UK stocks are in decline, Glencore beats the trend today, surging by over 9%. Company announced it’s plan to lower the net debt towards 18 to 19bn by the end of 2016 from the previous target of 20 bn USD. Currently the net debt is at 30bn USD.
Glencore also plans to sell its assets at 3 to 4bn USD from 2bn planned earlier. They also decided to cut their production levels. Firm believes it can operate in current commodities prices environment and what’s more is prepared for further declines. Company is also confident of its Free Cash Flows, which at spot prices average at 2bn USD.