Uncertainty racked financial markets last week, with stocks and bonds across the world feeling the heat.
In Asia, a meltdown in Chinese stocks from Monday to Wednesday transformed into a rally of around 10 percent through Thursday and Friday. This followed a flurry of regulatory support measures from Beijing, aimed at quelling market ferment and abating fears around a China economic slowdown.
The benchmark Shanghai Composite index closed up 7 percent on the week but down 7 percent on 14 days previous and up nearly 20 percent on the year, reflecting the rock-and-roll ride in Chinese stocks of late. Plus, nearly half of mainland China stocks are still not trading due to restrictions.
"Until those curbs are dropped, the price action is not giving a true indicator of investor sentiment," said BBH analysts led by Marc Chandler in a research note on Friday.
European stocks also rose sharply towards the end of the week, as traders turned upbeat on the prospects of a Greek aid-for-reforms deal. The Euro STOXX 50 index, which tracks the biggest companies in the euro zone, rose 2.8 percent on Friday on the news that the Greek government had submitted new reform proposals.
Further delays could risk contagion in vulnerable markets like Italy, Spain and Portugal, where stocks and bonds still turn on every hint of progress or otherwise from Greece—despite analysts' belief that the rest of the euro zone is less vulnerable than during the 2012 Greek crisis.
"There is still a significant risk of contagion to the bond and equity markets of other southern euro zone countries facing similar economic challenges," said Julian Jessop of Capital Economics in a research note late Thursday.
Against this backdrop, a lack of liquidity in bonds markets has also been worrying traders and exacerbating this week's price moves. Tighter regulation of banks has reduced their ability to hold large inventories of bonds, at a time when central bank asset-buying programs has reduced the availability of high-quality bonds altogether.
With this in mind, CNBC asks: What is your mega market worry?