As much as I think its an extremely bad habit to make predictions on the global outlook/sentiments because

1. you are most likely to be wrong
2. unless you fancy yourself as a global macro trader, there are too many links before your call can affect your stock price (global outlook -> industry outlook -> country outlook -> stock earnings outlook -> stock price)

But, it is fun because for a brief moment I can sound like an 'expert' as the guy who is in the serious business of making money with little or no effort (and also with little or no substance)

1. The problems aren't new, just sentiment has changed
The 3 reasons that have been quoted endlessly on why the market is falling have been
1. China slowdown
2. Falling oil prices
3. US interest hikes

The problem is that all of above were already present in..... ......