Global markets had to absorb a raft of appalling economic data this week, capped on Friday by a large jump in US job losses for December.
But, countering this, there were also signs of life in the credit and money markets. Short-term money rates continued falling, while corporate bond issuance from good companies jumped, although investors demanded a hefty risk premium.
After a brutal 2008, investors sought silver linings in the first full trading week of the new year.
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