He now predicts that a further selloff for the S&P is "likely" and says that the benchmark 10-year Treasury yield could reach roughly 1.80 percent "in the next six weeks" with investors flocking to bonds as a safe-haven asset. The yield on the 10-year note currently stands at about 2.17 percent.
China and the Federal Reserve will continue to be the two dominant themes for markets, according to Janjuah. He believes that the Chinese authorities have "lost control" over their own stock market and other global central banks - like the Bank of Japan and the Fed - will continue to pump more liquidity into their economies to account for softening growth in the world's second largest economy.
"What I think the global investor needs to understand is that globally there's not enough growth, there's way too much capacity and we've hidden that gap with this thing called liquidity - actually liquidity is debt," he said.
"The workers of the world have no pricing power, without pricing power you cannot get a sustained cycle of inflation. And a world where we have got excess capacity and not enough demand, that's deflation."