Whipsawing global markets scream fears about global growth conditions and unless data from the world's major economies improve, a deeper correction is on the cards, say strategists.
Asian markets tumbled on Friday, extending the sharp selloff in U.S. and European equities overnight as intensifying concerns over the health of the euro zone economy hit risk appetite.
Australia's benchmark S&P/ASX 200 index led losses, falling 1.8 percent in the morning session, while Japan's Nikkei 225 and South Korea's KOSPI were both off 1.2 percent.
"There are a lot of questions at the moment and not a lot of answers in regards to Europe's economy, the stability of China's housing market and the timing of the Fed's first rate hike," Chris Weston, chief market strategist at IG told CNBC.
"The hallmarks are in place for a stock market correction – Brent crude prices are falling, long-end U.S. bonds are telling the story that markets are starting to look at low growth and low inflation for a long period of time," he said.
In order to arrest the volatile downtrend in stocks, there needs to be a good run of economic data out the world's leading economies, Weston said.