With a stock market crash in China, an imminent bailout deal in Greece and earnings season kicking off in the U.S., there's no shortage of concerns bouncing around global markets. And one of those has long-time bearish investor Marc Faber particularly worried.
"We have now hard evidence that the Chinese economy is hardly growing at the present time," the publisher of The Gloom, Boom & Doom Report said on CNBC's "Trading Nation."
As Faber sees it, since China makes up almost half of the world's industrial commodities consumption, an economic slowdown there could have a wide ripple effect.
"If China slows down, the demand for industrial commodities goes down. It affects all the resource producers: Argentina, Brazil, the Middle East, Central Asia, Africa, Australia," Faber said Monday. "That can have a huge impact on the global economy."
Although the Shanghai composite index has started to rebound after a major selloff last week, Faber said he doesn't expect to see the index reaching any new highs. "It's still a fragile situation," he added.
In other parts of the world, Faber sees similar dangers.
"Greece is a sideshow, because the economy is small relative to the rest of the world. But if investors are so concerned about Greece, it shows how fragile the financial markets are," Faber said.
He also doesn't see U.S. earnings, which kicked off Wednesday, as a positive catalyst for stocks.
Faber has made similarly bearish calls in the past, few of which have come to fruition of late. But he sees the current climate as one rife with potential dangers.
"As of a week ago, the U.S. market became very oversold," Faber said. "It's rebounding, but in my view, we're not going to see any new highs."
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