Wall Street surged to close higher on Friday to end a week marred by worries about the worsening outlook for economic growth. The S&P was up 2 percent, and Nasdaq was up 3.8 percent.

Global equities - the MSCI World Index fell 2 percent Friday to Friday last week. Emerging market equities took it even worse. So the Nifty was down almost 4 percent. There is a bit of a lead-lag catch-up here.

S&P is down a lot more year to date (YTD), while indices like Nifty, of course, are nowhere close. They have lost about 50 percent - for example - of about what the S&P has lost.

Overall, global markets remain in a risk deleveraging phase; and are getting rid of risk across asset classes, and equities, of course, are no exception. Two worries – global growth and strong inflation are getting intertwined.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details

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