The current sell-off in global equities is not “the big one,” according to Uwe Parpart, chief strategist at Capital Link International.

Suggesting investors ought to look at the situation calmly, he told CNBC earlier today: “If you look at the fundamentals of the global economy and the fundamentals of markets in the United States, in Europe and in major Asian markets, these haven’t changed all of a sudden. The jobs report in the United States was excellent, wages were up 2.9% year-on-year […] and of course in those circumstances people expect that there will be rate increases and the yields on the ten-year bonds jumped and that’s what we’re coping with at the moment.”

Parpart said the picture was very different from 2007 and 2008, and  bond yields had risen “not because there’s huge leverage in the system… or because people expect defaults.”

He added: “Since 2009 there has been ample liquidity and low rates. Central banks have supported overall development in markets and that’s changing – and it scares people.”

Parpart, who was speaking on CNBC’s Capital Connections program, is also editor of Asia Times.