Norway's wealth fund suffers biggest loss in 4 years
Oslo
THE world's largest sovereign wealth fund posted its biggest loss in four years dragged down by Chinese stocks and Volkswagen AG, just as the Norwegian government prepares to make its first ever withdrawals to plug budget deficits.
The US$860 billion fund lost 273 billion kroner (S$45 billion) in the third quarter, or 4.9 per cent, the Oslo-based investor said on Wednesday. Its stock holdings declined 8.6 per cent, while it posted a 0.9 per cent gain on bonds and a 3 per cent return on real estate. It was the first back-to-back quarterly loss in six years.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
German unemployment rises more than expected, labour office says
China’s top leaders hint at property support, interest rate cuts
Thailand records current account surplus of US$1.1 billion in March
Indonesia may offer dual citizenship to attract overseas workers, minister says
Bank of Japan upbeat on consumption, service price outlook
Any pivot on rates by Fed will mean more blood in stock markets