European Stocks See Their Worst Week Since 2011
European stocks suffered their biggest weekly loss since mid-2011 as oil prices continue to crumble.
Here's a chart from the London Stock Exchange:
According to Reuters, the 5.8% loss for the STOXX Europe 600 index was the largest weekly loss in more than three years. This drop represented a wipeout in market capitalisation of roughly $524 billion or more than twice the size of Greece's GDP, Reuters reported.
Stocks in Britain also fell this week, with the benchmark FTSE 100 falling 1.5%, its biggest weekly loss in more than two years.
"Traders are assessing the impact of the fall in oil prices and selling positions in major oil producers. This is adding to the FTSE's demise along with weaker data from China," Tom Robertson, a senior trader at Accendo Markets, told Reuters.
Here's the scorecard of the major energy stocks at Friday's close:
BG Group: -25.60 (-3.03%)
BP: -12.97 (-3.25%)
Glencore: -6.97 (-2.37%)
Rio Tinto: -67.50 (-2.46%)
Royal Dutch Shell: -68.00 (-3.24%)
To find a similar drop, one must go back to debt crisis of 2011.
Towards a brighter tomorrow: India's G20 Presidency and the dawn of a new multilateralism
Exploring India's majestic glaciers: 10 frozen wonders
New fund alert: 'Axis India Manufacturing Fund'
Anti-collision system KAVACH, Delhi-Kolkata, Delhi-Mumbai corridor to see completion in 2024-25: Vaishnaw
Top 10 places to visit in India in December