Now to the equity markets. Asian stocks had its biggest weekly lost in two years after the selling in the U.S. that put the Dow and S&P in correction territory. China got a particularly hard hit, with the Shanghai benchmark index dropping as much as 5 percent at one point on Friday. Analysts say, higher valuation and lower risk appetite accelerated the sell-off in China.

Asian equities took a hard hit this week, tracking the sell-off on Wall Street. Hong Kong's Hang Seng closed 3 percent lower on Friday, Japanese and South Korean indexes were down about 2 percent. China was the worst performer in the region, the Shanghai Composite Index traded over 5 percent lower in mid-day, and closed at 3,129 points on Friday, down over 4 percent. And it has lost 9.6 percent in just one week, the worst weekly lost since January 2016. Meanwhile, the Shenzhen index lost the 10 thousand points handle at one point, but managed to close barely above that. The small-cap-focused ChiNext Index and the blue chip CSI 300 also down 3 and 4 percent respectively. The sell-off was across the board, with property developers, materials and resources all plummeted about 7 percent on average. So what happened in the Chinese markets?

XU CHUANBAO, CIO GOLDSTATE SECURITIES "Compare to other developed markets, the valuation of A-shares market was high. Beside the sell-off in the U.S., many Chinese companies were focused on their deleveraging works, that lowered their liquidities level and risk appetite. So all these reasons contributed to the quick selling in the A-shares market."

Friday also marks the biggest one day drop for the Shanghai Composite, but if you were thinking about bargain hunting, you may want to think again.

HU YU, IB DEPT. GM CHINALIN SECURITIES "I think the correction cycle has just started, and it is not a time to buy the dip. I will buy in when equities show its valuation at a more attractive level, and it is not the time yet."

XU CHUANBAO, CIO GOLDSTATE SECURITIES "It is important for investors to minimise their risk exposure and cut losses. If you still have cash, you may want to have a look of some of the fixed income asset."

U.S. markets remained the epicentre of the global sell-off. Although the Dow futures rebounded about half of a percent on Friday pre-market trade, the U.S. 10-year treasury remained at about 2.85 percent, which analysts say, will keep pulling cash away from risky equities.