Old Mutual Global Investors' Richard Buxton has warned five major trends could affect the global economy throughout September and October.
The manager of the £500m UK Alpha Plus fund said tapering, this month's German elections, China's growth figures and a pair of issues in emerging markets could see the market suffer its "traditional wobble" in the next two months.
"The moment Bernanke said 'taper', the impact in emerging markets with deficits and lack of direct investing [was severe]," Buxton said.
"If America's current account deficit is narrowing, that is not usually good news for other countries.
"Rather than tapering being the thing we have to worry about - it has been so well flagged - we need to look at the second round effects."
Buxton (pictured) pointed to the situation in India, which has suffered severe currency and equity falls in the last month, as being of particular concern.
He also argued subsidies in EM countries could have an equally negative impact.
"The other thing that is less focused on is emerging market countries that massively subside their domestic energy," he said.
"If oil prices stay north of $80, it is difficult to see how it ends without impacting growth."
Buxton also said a 'growth scare' - where the Federal Reserve raises interest rates before a full recovery - could spook the market.
"The consensus view is that it could all kick off again after the German election. [Combined with weak Chinese GDP], it would be absolutely no surprise if one or more of these factors caused the traditional wobble in September and October," he added.
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