Robust consumer spending is fuelled by credit growth, report says
Rising defaults a symptom, not the cause, of macro stress, Moody's finds
Banks, insurers tend to benefit from higher rates even as financial stress builds, rating agencies say
Economists say the strain is not likely to spill over into the broader economy
Surge reflects struggle with pandemic debt, higher interest rates
Defaults expected to rise in early 2024 before easing in second half
JP Morgan tops global league tables while RBC leads local trio
Equity issuance surged 37% in 2023; debt up 19% from previous year
Strength in secondary offerings overcomes weak IPO market
While pockets will suffer from rising rates, overall stress should be modest