US equity valuations are not consistent with low inflation expectations and any negative data could quickly cause another steep sell-off, according to Societe Generale's Albert Edwards.
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The sharp slides in oil prices seen since the summer could continue unabated until the commodity's chief trade body OPEC (Organization of the Petroleum Exporting Countries) is finally forced to take action, investors have said.
Fund managers are urging caution following a dramatic week for investors, saying the traditional strategy of buying on market falls may no longer make sense.
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The broad sell-off across equity markets this week is just a mid-cycle correction and will only make the equity rally last longer, Fidelity's Dominic Rossi has said.