A decade ago there was little sight of the seismic changes that have since occurred; similarly, events that might be impossible to imagine today will undoubtedly jolt financial markets in coming years.

Streaming services are still adding subscribers, albeit at a slowing rate, but now the focus is turning towards their ability to stem earnings losses.

The fundamental backdrop is relatively stable, with the deteriorating outlook in automotives set against a well-capitalised issuer base – but bifurcation of credits continues.