S&P sees ‘chinks of light’ in debt-stressed economies

Ratings agency S&P Global is seeing “chinks of light” in some of the most troubled emerging market economies and is closely watching the effect of recent policy changes in countries such as Nigeria, Turkey and Kenya.

The agency’s analysts also expect emerging markets could start cutting interest rates earlier than advanced economies because they acted more immediately to combat rising inflation. However, they may have to wait until rate hikes by the US Federal Reserve and European Central Bank have “topped out”, S&P Global chief economist Paul Gruenwald said at the agency’s emerging markets conference in London on Tuesday...

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