I've read the AFR article with the same heading (I don't need to...

I've read the AFR article with the same heading (I don't need to worry about the pay wall).

The core issue is the end of QE by the FED and the ECB.  The article says:

" Borrowers in Asia, Latin America, the -Middle East and Africa have -together wracked up $US7.2 trillion of dollar loans and equivalent derivatives - double the pre-Lehman -levels - and are having to roll over debt in an ever less friendly climate. "

In other words the party can't go on for ever.

The article also points to an overheated US economy.  It says the US economy is in a major boom (I'm not so sure it's so simple) but in any case this boom is fuelled by cheap money and (Trump's) Government spending and it doesn't go far across the US borders.

The article points to debt stress starting in the so-called emerging economies.  How far and fast will the contagion spread?  The answer to that question may be varied.  Across all economies it may depend on the sector, sector debt and overall government debt ……. along with interdependencies with those economies and sectors that are over their heads in debt.

OK.  Interest rates will continue to climb but I don't know how much they will climb or how quickly.  That is enough of a flag for savvy investors to avoid certain sectors IMHO (a known known).  What remains unknown is the extent of the flow-on effects.

https://www.copyright link/markets/donald-trump-is-right-to-blame-the-fed-for-market-rout-20181011-h16jsg