Slowing growth in china, plummeting commodities prices - particularly for oil - and disappointing retail sales figures in the U.S. helped trigger a worldwide market rout in the first weeks of 2016, but these are not the issues that will dominate investors' minds as the year unfolds, according to global heads of credit research at several prominent firms. "All the talk is that it has been the worst start to the year for global stock markets for many years," observes J.P. Morgan's Stephen Dulake, who is based in London. "However, while credit spreads are at multiyear wides and at extremes in some commodities-related sectors, such as U.S. high-yield energy, credit markets don't feel as disorderly as they did through the early stages of the crisis. That we're not yet using the word crisis also differentiates the current situation somewhat."
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