As a new year begins, global capital markets find themselves having to adjust to a new reality: the two most important central banks are on opposite paths. Yet both of them face the same uncertain picture: a slow-moving global economy, slumping commodity prices, continued fears over Chinese growth and yet more bank reform. As a result, 2016 will be another tough year. Toby Fildes picks out 16 themes that will challenge and reward global capital markets in the coming 12 months. Additional reporting by Jon Hay.
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