Danske Bank Markets report:

"The Emerging Markets have become the weak link in the global economy and represent the biggest risk factor currently.

We look for Chinese growth to stay around 6½-7% in the coming years, while there is likely to be little relief for commodity exporting EM economies like Brazil and Russia - both in recession.

The US economy continues with a moderate recovery and the Fed is expected to start raising rates in December - although very slowly.

The Euro recovery faces some downside risk in the short term from the EM turmoil but we expect the recovery to continue in the medium term, with growth rising to 1.7% in 2016 from 1.4% this year. ECB to extend QE program."