Norway proposes to cut energy stocks from sovereign wealth fund investment benchmark
Oil-related stocks are tanking on the back of the news here
The Norwegian government has released a statement saying that it is proposing to exclude companies classified as exploration and production companies within the energy sector from the Government Pension Fund Global to reduce the aggregate oil price risk in the economy.
The government says that this phase out will take place over a period of time and that the decision does not reflect any specific view on oil prices. The likes of BP and Shell are falling hard on the back of these headlines.
Not exactly something that will ease investors' nerves on the day when risk sentiment is already marred by global growth worries.