By Marc Jones LONDON (Reuters) – JPMorgan has warned that the combination of Russia’s war in Ukraine and China’s ongoing property crash could see the worst wave of corporate defaults since the global financial crisis. A new report from the bank’s analysts on Monday estimated the EM-wide default rate would now reach 8.5%, more than double the 3.9% they expected at the start of the year before the war in Ukraine. The volume of riskier ‘high-yield’ EM corporate international market bonds now trading at distressed levels had jumped to $166 billion, the highest since 2009 when the global financial …

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