Some of Europe’s largest asset managers are reining in their investments in stocks in response to the escalating coronavirus outbreak, seeking to protect their portfolios as the global market sell-off continues into its sixth day.

The moves, from the likes of Amundi, Carmignac, Candriam and First State Investments, show that many professional investors remain fearful the virus’s continued spread may send markets still lower, notwithstanding dramatic falls so far. However, some fund managers are feeling confident enough to start hunting buying opportunities among the worst-hit stocks.