This year’s tally of corporate defaults stands at 29, the highest year-to-date count since the 36 recorded during the same period in 2009, according to S&P. There have been 17 defaults in the US, with eight in Europe.

The average number of defaults for the same period in the years 2010-23 was slightly more than 16, according to the S&P data.

Subdued consumer demand, higher wages in tight labour markets and high interest rates — which hurt more indebted companies — are among the main causes of the increase, according to S&P.

13:50:59 NICK FRANCUZ: Shaping up for svb