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 $US524 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.