The risk of a stock market collapse in Europe is even greater than it was in April 2011, according to a consultancy that predicted last summer’s market chaos.

CheckRisks, a risk consultancy, said that the growing tendency for different asset classes to move together, combined with a darkening macro-economic picture, was creating a "perfect storm" that was likely to result in equity market falls of between 10% and 15% sooner rather than later.