Qatar’s sovereign-wealth fund may have lost $4.6 billion in just two days from its stakes in Volkswagen and Glencore.

Qatar Investment Authority, the biggest holder of VW’s preferred shares and the third-largest owner of its ordinary stock, stands to have seen €3.8 billion evaporate from its holdings in the automaker. QIA is also the largest investor in Glencore. The ownership data are based on compilations from regulatory filings dated April 2015 in the most recent case. A QIA media representative declined to comment on the current stakes.

VW and Glencore tumbled more than 15 per cent in the first two days of the week, leading slumps in European shares. The carmaker said it cheated on emissions rules in the US, while Glencore closed at a record low as metals prices sank on concerns that China’s economy is slowing. – (Bloomberg)