If there were any doubt only a few days ago, there should be none at all now - that even incrementally more restrictive monetary policy by the Federal Reserve is a danger in a very slow growth world.
Eurozone equities have had a volatile summer but the region’s economy continues to recover and improvements in corporate earnings should drive further share price advances.
Schroders August 2015 economic infographic looks at the problems facing China's policy makers following the equity boom and bust, the political risk in Europe shifting to Iberia, and storm clouds lifting over the global economy.
China’s equity market boom and bust should have a limited immediate macroeconomic impact, but we fear the seeds of a future crisis have been sown.
China’s central bank has taken steps to devalue the renminbi. The initial direct impact on eurozone equities is fairly limited but certain sectors and companies have more pronounced exposure.