Global market volatility is not just down to the U.S. Federal Reserve's tapering of its monetary stimulus program, according to influential investor Marc Faber, who warned that the wild swings seen in recent weeks are also down to a global slowdown in growth.
"It would seem to me that it's not just tapering that is putting pressure on markets," Faber, the author of the closely watched "Gloom, Boom & Doom Report" told CNBC on Tuesday. "In emerging economies we have practically no growth, we have a slowdown in China that is more meaningful than the strategists seem to think and than the official, Chinese statistics seem to suggest."
"That then puts pressure on the earnings of the multinationals because most of the growth in the world over the last five years has come from emerging economies," he told CNBC Europe's "Squawk Box." No growth, he said, was causing "a vicious circle on the downside" with slowing emerging economies and inflated asset markets that are now deflating, in turn putting more pressure on asset prices and on the economies.
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Faber's comments come as volatility in equity markets continued this week, prompting concerns among traders and investors that markets were at the start of a sharp correction. The moves lower follow a rally last year on the back of the U.S. Federal Reserve's monetary stimulus.
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Since the Fed started tapering its monthly asset purchases by $10 billion a month in December and another $10 billion in January, stock markets have taken a tumble. Emerging markets fell first; this week the U.S. and Europe have also seen significant weakness.