23.02.2016 - SWFs of oil-rich countries are selling stocks big time
Sovereign wealth funds of oil-rich countries like Norway, Saudi Arabia, Russia and Qatar sold more than $213 billion worth of stocks in 2015, a report by Sovereign Wealth Fund Institute said. With oil prices staying low, the global sell-off is likely to continue in 2016. Wealth funds could withdraw more than $404 billion from global stock markets if oil prices remain between $30 and $40 per barrel this year, the SWFI said. Crude prices collapsed more than 70% in the last 18 months. The plunge means many oil countries are facing growing holes in their budgets. Rather than raising taxes or cutting spending, many have resorted to tapping their rainy day funds...............................................Full Article: Source
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