List of risks that might unsettle markets in 2015 and beyond

Most major equity markets such as S&P500, Dow jones, NASDAQ, DAX etc. hovering around new all-time high, while several other like Nikkei 225, CSI300 are hovering at multiyear/decade high.

Several risks lies ahead, that might unsettle the markets in 2015 and beyond that -

• Weaker growth in China - Slowdown in China has hit commodity exporting economies such as Australia, New Zealand, Chile hard and further slowdown might challenge developed market such as US, Switzerland, Germany who export to China industrial goods.
  
• Euro zone crisis - It looks like that Euro zone/Greek crisis is about to end, however nothing is over until it actually is. This pose significant risk to Euro zone as well as global economy, in terms of sentiment.
  
• Weaker growth in developed market - After growth improvement through 2013/14, growth has slowed down across developed market especially in US. Further slowdown is likely to pose challenge for global economy and hurt recovery sentiment.
  
• FED rate hike - This is somewhat welcoming development since it would mean end of crisis, nevertheless it is an event of significant risk since there had been no hike for last nine years.
  
• Liquidity - This issue have been concerning for not only market participants but also for central banks and market regulators around the world. Liquidity remains most concerning government bond markets, where central banks purchase assets to perform QE.
  
• Inflation - From current level, inflation might surprise on either side, both of which can cause havoc in the market.
  
• Geo-politics - Geo-political risks have gone up significantly since 2013. Two major risks are Middle East where tensions between Saudi Arabia and Iran might challenge the oil landscape. Militant and terrorist threat has also gone up in Middle East. Another risk lies in the confrontation between Russia and US.