"A lot of the bad news for commodity prices – especially metals – is now surely priced in," he said, adding that while growth in the largest emerging economy, China, may have fallen below 7 percent in the third quarter, it would still be a decent and likely healthier pace.
The final major concern comes under the big geopolitical risk umbrella, including Ebola fears, Jessop said.
"The bulk of these worries are overdone, but again it could be Europe that provides the biggest shocks," he said, citing the rise of euro-skeptic party UKIP and the potential for a referendum on the U.K.'s membership in the EU.
Jessop isn't alone in pointing to Europe as the biggest market concern.
Potential deflation there is a major worry, Matthew Hegarty, an equities analyst at Perennial Investment Partners, told CNBC.
Read More Stocks to rally after 10% correction: Pro
"The outlook for Europe now really is contingent on pretty decisive action from the ECB," Hegarty said, but he noted that the ECB is following the Federal Reserve's lead and seeking unconventional policy tools, which should help support stocks.
To be sure, Capital Economics noted that even if these fears fade soon, markets' focus will likely return to the looming prospect of policy tightening from the Federal Reserve.
"This should see Treasury yields resume their upward trend and keep market volatility generally high," Jessop said.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1