As Egypt braces for massive demonstrations on Sunday and unrest simmers in Brazil and Turkey, analysts warn that we could be in for another "season of discontent" as tensions reach boiling point in countries including China and France.
"Investors would do well to follow all eleven of the countries we have identified with an eye to possible market-moving civil unrest in the short to medium term," Nomura's senior political analyst Alastair Newton said in a note to clients on Thursday.
(Read More: After Turkey, Brazil Hit by Widespread Protests)
The research comes as civil unrest flared up again in Brazil, where government attempts to defuse unrest fell on deaf ears. Brazil has faced almost two weeks of protests as its citizens demand an end to corruption and vent their anger at spending on the soccer World Cup and poor public services.
In Chile on Thursday, more than 100,000 people joined protests to demand education reform and wealth distribution. In Paraguay too, thousands took to the streets on Wednesday to protest against the government.
In northern Africa, the "Arab Spring" in 2011 brought about an uneasy peace and new leadership in Egypt. But barely a year after taking office, many people are angry at the way the Muslim Brotherhood-led government under President Mohamed Mursi has managed the country's affairs since the popular uprising.
(Read More: Massive Protests to Test Egypt Again)
Nomura identified Argentina. China, Egypt, India, Indonesia, Malaysia, Russia, South Africa, Thailand, Venezuela as countries which could be at risk.
"All those countries have an element of political instability and could see unrest," Nigel Rendell, an economic policy advisor at Medley Global Advisors, told CNBC on Thursday. "Particularly looking at what's gone on in Turkey and Brazil, where people have grown increasingly fed up with the governments failing to deliver what they've promised and seeming to have an autocratic rule."
(Read More: Rumors Spark Bank Run, Break-Ins in Brazil)
