NEW YORK (TheStreet) -- Europe's debt woes continue to steal headlines. However, as March made clear, China is increasingly becoming the dominant international elephant in the room. As the nation struggles to maintain growth and defend against a potential hard landing, certain cyclical corners of the marketplace have been greeted with substantial headwinds. The most notable victims have been the energy and materials sectors.Given that oil prices remain buoyed over the psychologically important $100-per-barrel level, investors would think that energy companies would be sitting pretty as we embark on the second quarter of 2012. This has not been the case. Rather, as China pares back its growth projections, these producers have taken a sharp shot across the bow.