Norway Oil Fund Lost $52 Billion in Quarter as Crisis Roils
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Norway’s sovereign wealth fund lost 284 billion kroner ($52 billion) in the third quarter, its second-worst quarterly drop, as stock markets slumped on concern Europe’s debt crisis would derail the global recovery.
The $570 billion Government Pension Fund Global, Europe’s largest stock investor, lost 8.8 percent, as measured by a basket of currencies, the Oslo-based fund said today. The fund’s stocks fell 16.9 percent and its bonds rose 3.7 percent.