PARIS, Dec 12 (Reuters) - European shares tumbled on Friday and posted their biggest weekly loss since mid-2011 as an ongoing slide in crude-oil prices pounded the energy sector.
The broad STOXX Europe 600 index has lost 5.8 percent during the week, representing a wipeout in market capitalisation of roughly $524 billion, more than twice the size of Greece’s GDP.
“This is a bloodbath. After such a negative week, there’s not even a rebound into the close. The fact that oil can’t find a floor is spooking market players,” Saxo Bank trader Pierre Martin said.
The FTSEurofirst 300 index of top European shares provisionally closed the session 2.6 percent lower at 1,321.66 points, with the STOXX energy sector index losing 3.5 percent. (Reporting by Blaise Robinson; Editing by Lionel Laurent)