The latest fall in China's equity market is not the root cause for Thursday's broad-based sell-off, Dennis DeBusschere of Evercore ISI said Thursday.
"The cause is … we have weak global growth, we have high multiples globally and, I would argue, there is some delusions of control with regards to the Chinese economy that they could continue to drive some type of global growth that would support everything," the firm's macro research analyst told CNBC's "Squawk Box."
Global financial markets skidded after Chinese equities tumbled 7 percent in the first 29 minutes of trading Thursday. The plunge in China triggered circuit breakers that halted trading there.
"The contagion is the concern here," Liz Ann Sonders, chief investment strategist at Charles Schwab, said in another "Squawk Box" interview. "At this point, it looks somewhat similar to what we saw in August. I think the fact that it happens to correspond to the beginning of a year probably adds to the angst."