Fed rate hike
With the U.S. being the largest economy in the world, every nuance from the mouth of Federal Reserve Chair Janet Yellen is still being closely watched by traders across the globe. With the central bank about to finish "tapering" its asset purchase program and formulate plans to raise its main benchmark interest rate, this is one of the main risks for the short term, according to analysts.
"More hawkish dissenters on the FOMC (Federal Open Market Committee) could make investors nervous. High U.S. rates could hit bonds, equities in general and EM (emerging market) currencies," Berenberg's Schulz said.
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IG's Kelly has concerns over what a rate hike could do for U.S. exports. With the ECB expected to move in the other direction with a QE program - thus helping to weaken its currency - she said that a stronger dollar could well be to the detriment of a fragile U.S. recovery.
"The stagnation in Europe will have a net-negative effect on U.S. growth," she told CNBC via email. "The DAX is the leading index for me presently...the correction is not yet over. I expect that another dip down through the 9,000 (point) level is on the cards in (the third quarter) – this will lead the other indices south."
Taking a more macroeconomic view, Thorsten Polleit, the chief economist at Degussa Goldhandel, a gold and silver trading firm, told CNBC via email that "excessive" monetary policies around the globe has resulted in a gigantic "asset price bubble." He fears that a slowing down of credit flows - as the current period of record low interest rates comes to a halt - could provide a major risk for equities.
"The piper will have to be paid. It would be this very development that would make the 'house of credit cards' come crashing down," he said. "Companies that are highly exposed to credit markets will be particularly vulnerable, banks in particular. But also highly leveraged firms would run into trouble...firms that sell products which are bought on credit (like the car industry) could suffer severely."