As Egypt braces for massive demonstrations on Sunday and unrest simmers in Brazil and Turkey, analysts warn that we could be in for another "season of discontent" as tensions reach boiling point in countries including China and France.
"Investors would do well to follow all eleven of the countries we have identified with an eye to possible market-moving civil unrest in the short to medium term," Nomura's senior political analyst Alastair Newton said in a note to clients on Thursday.
(Read More: After Turkey, Brazil Hit by Widespread Protests )
The research comes as civil unrest flared up again in Brazil, where government attempts to defuse unrest fell on deaf ears. Brazil has faced almost two weeks of protests as its citizens demand an end to corruption and vent their anger at spending on the soccer World Cup and poor public services.
In northern Africa, the "Arab Spring" in 2011 brought about an uneasy peace and new leadership in Egypt. But barely a year after taking office, many people are angry at the way the Muslim Brotherhood-led government under President Mohamed Mursi has managed the country's affairs since the popular uprising.
(Read More: Massive Protests to Test Egypt Again )
Nomura identified Argentina. China, Egypt, India, Indonesia, Malaysia, Russia, South Africa, Thailand, Venezuela as countries which could be at risk.
"All those countries have an element of political instability and could see unrest," Nigel Rendell, an economic policy advisor at Medley Global Advisors, told CNBC on Thursday. "Particularly looking at what's gone on in Turkey and Brazil, where people have grown increasingly fed up with the governments failing to deliver what they've promised and seeming to have an autocratic rule."
(Read More: Rumors Spark Bank Run, Break-Ins in Brazil )
"Revolution is not in the air, but dissent is among the ranks," Rendell added. "Where they feel that the government is not listening to them there is a temptation to turn to protest. Look at South Africa where the ANC has been in power for 19 years and has failed to deliver what it promised such as alleviating poverty, boost employment and improve education," he added.
(Read More: South Africa Risks Downgrade as Rand Tumbles)
Nomura also identified "out-rider" France as a candidate for unrest , saying it saw potential for "significant civil unrest around proposed pension and labor market reforms in particular in the near future".
Michael Hewson, senior market analyst at CMC Markets, said he wasn't surprised to see France on the list. "I don't think anyone would be surprised that, if in trying to implement reforms, the French people protested and rebelled against the changes. The French have a history of manning the barricades and if they don't like something, they're not shy in letting you know."
Nomura said the list was not meant to be exhaustive and it did not identify the timing of potential unrest.
- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt
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