I wish financial reporters would stop using blatant hyperbole. The graph shows a -0.21% drop. That's nothing. The intraday noise is half that amount. 5% might be a "sharp drop," 10% definitely would be, but 0.2%, is not even a blip. A more realistic report would be "European stocks practically ignore Norwegian fund's announcement to leave oil" but that would not support their message that Norway is doing this as a statement about climate change. (In fact, as reported, their statement said nothing about the reasons for diversification, so the report's twisting that into a polemic about how everyone is abandoning oil is unjustified.)
"Minuscule blip: European oil stocks not really affected" doesn't grab those clicks, though. They won't stop using hyperbole for headlines unless the evolutionary pressure (i.e. revenue model) significantly changes for news media.
"Sharp drop or miniscule blip? Environmental activism or cold economic calculation? Find out which Nordic country made this sudden bold move to their portfolio!"
I wish financial reporters would stop using blatant hyperbole. The graph shows a -0.21% drop. That's nothing. The intraday noise is half that amount. 5% might be a "sharp drop," 10% definitely would be, but 0.2%, is not even a blip. A more realistic report would be "European stocks practically ignore Norwegian fund's announcement to leave oil" but that would not support their message that Norway is doing this as a statement about climate change. (In fact, as reported, their statement said nothing about the reasons for diversification, so the report's twisting that into a polemic about how everyone is abandoning oil is unjustified.)