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"Investors need to react according to the market," Keith McCullough, chief executive at Hedgeye Risk Management told CNBC. He added investors should not just hold money but be willing to react to market moves.

Talking about the news that a rogue trader had cost UBS $2 billionin losses, Larry McDonald, senior director at Newedge, told CNBC: "Risk controls in this day and age have never been more important."

Japan's Nikkei 225 rose 1.8% Thursday after Germany and France voiced their commitment to keep Greece in the euro zone. The Nikkei's Makiko Utsuda reports.

"There is a way out of [ the Euro zone debt} crisis if governments and politicians can take a decisive decision,"Zhu Min, First Deputy MD ,IMF, told CNBC.

Europe does not lack liquidity, just political direction, Marco Bardelli, managing director of BDG Singapore, told CNBC.

"Businesses' balance sheets are fortresses of cash. The volatility is almost in front of them, because they are seeing what is happening in the market place, and I think they are preparing ahead of time," Dana Telsey, CEO at Telsey Advisory Group, told CNBC.

Japan's benchmark index fell 1.1% to a 2-1/2 year closing low. The Nikkei's Makiko Utsuda has more.

Ralf Speth CEO of Jaguar Land Rover told CNBC that the firm's focus at the Frankfurt Motor Show was on concept cars. He added they have unveiled the DC100 a "potential successor" to the Land Rover Defender and a new sports car, the C-X16.

"Inflation in UK will drop next year and growth prospects remain low ,"Chris Scicluna, deputy head of economic research at Daiwa Capital Markets, told CNBC.

Chris Watling, CEO, Longview Economics, tells CNBC that he thinks the market is 80-90 percent through the current selloff and buying opportunities are emerging.

Japan's Nikkei 225 posted a weekly loss of 2.4 percent, moving closer to a six month low hit earlier this week. The Nikkei's Makiko Utsuda reports.

"China real estate is rising at a 20 percent appreciation rate," Colin Dyer, CEO at Jones Lang LaSalle, told CNBC.