Indian markets poised to go up a lot, says Julius Baer's Mark Matthews

While speaking of India, Matthews said that local buying was the biggest factor that kept equities afloat, and it continues to do so through the SIPs. SIP contributions for August stood at Rs 12,693 crore, according to data from the Associations of Mutual Funds in India (AMFI).

"The local buying is still there through the SIPs. Locals realise that there is a virtuous economic cycle in India, and it is the foreigners are starting to come to India," he said. He said India had always traded at a premium to emerging markets.

On the US, Matthews said the country would most likely avoid a recession as multiple data points suggest the economy is in good shape. "In case there is a recession in the US, it will be an extremely mild one," he said.