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THE Australian share market has lost around $41 billion in early trade, as BHP Billiton shares tumble below $22 for the first time since the global financial crisis.

Another prominent bear, Goldman Sachs, said last week in a note that Glencore had failed to do enough to reassure investors about cutting its debt pile.

A few investors, including Investment Association, have criticised the way in which Glencore recently raised $2.5 billion, saying that the miner had breached shareholder protection principles.

It also announced it will stop paying dividends to its shareholders.

Glencore (GLEN.L) slumped more than 15 percent to a new all-time low after a bearish note from broker Investec that raised doubts over the mining and commodities company’s valuation and high debt levels.

The Asian Development Bank cut its growth forecasts for China and said its waning appetite for raw materials would hurt commodity-focused export economies such as Mongolia and Indonesia.

The sale was priced at 125 pence a share, the company said on Wednesday.

AB InBev can trace its origins to a merger between a pair of Brazilian brewers in 1999. No offer has yet been made.

Chief executive Ivan Glasenberg said in an interview that he believed the company’s balance sheet is “in good shape”. The drastic move offers a grim view of commodity prices that undermines the investment case for the sector.

Glencore reported adjusted first half earnings of $6.46bn, a 29% fall from the same period previous year.

Miner Glencore said it will cut its capital expenditure target for the year and book an impairment charge on the value of its assets in Chad as a result of falling oil prices, as it reported mixed first-half production.

The company said that following the sharp decline in oil prices in late 2014 and continuing into this year, significant amendments were made to Chad’s work programme, with the objective of preserving value for the long term, while reducing cash outlays in the near term. As...