US investment bank Goldman Sachs said current market turmoil was only a "modest" risk factor for his "optimistic" view of the global economy because most of the losses occurred in the US stock market due to rising bond yields and concerns about inflation.
"Our results are in line with our market team's assessment that last week's sales wave was largely technical and not of a fundamental nature," Goldman wrote in a research note.
"The history of market corrections during periods of strong economic data indicates that this correction will probably be short, shallow, not long and extended," he said.