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"The west is going to suffer quite a bit in the next 12 to 24 months, [but] the US is in a good position to consolidate its gains," Mohamed El-Erian said.
Stocks completed a fifth day of losses, a stretch not seen since early July, amid growing pessimism about China’s economic outlook and sliding currency. Alibaba and Tencent led declines among tech bellwethers.
Mobius said the Federal Reserve could be forced to ramp up its interest-rates hikes to keep up with the European Central Bank.
The moves come even as China's latest wave shows signs of easing, with 1,556 new infections nationwide reported for Sunday, down from more than 3,000 less than two weeks ago.
The US chip supplier Qualcomm Inc now expects smartphone sales to fall 5% in 2022, compared with its prior outlook for flat growth.