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Black Friday Keeps Investors Away

25 November 2016 by lberuti

Black Friday is now a synonym for sales around the world. After days (or weeks!) of careful preparation, shoppers are flocking the streets and surfing the net to get the best bargains and make it one of the busiest day of the year in terms of retail turnover. Such was certainly not the case in credit markets today. Volumes traded were very poor on all credit indices, down more than 50% across the board compared with their daily average. In the absence of any market moving news, investors hardly felt the need to show up in the office and trading ranges were tight. If anything, a slight weakness induced by renewed pressure on interest rate and lower oil in the morning was swiftly brushed away once the US opened for their shortened trading session. With closing prices unchanged across the board, it felt very much like a day for nothing. Bargain hunters who left their office and hit the streets appeared the wiser.