The World Bank has warned developing countries to prepare for the "real risk" of the deepening eurozone crisis tipping the world into a post-Lehmans style recession.
John Dodd and Richard Hulf, managers of the £84m Artemis Global Energy fund, are reducing exposure to eurozone-domiciled assets as they refine their approach to stock selection.
S&P's latest raft of downgrades were largely priced into markets, but more worrying is its forecast of a high chance of a deep recession in the region, said Schroders' European economist Azad Zangana.
HSBC chairman Douglas Flint has called time on the eurozone sovereign debt crisis and said it is set to be over in a "reasonably short timeframe".
Eurozone bank dividends are poised to fall below the levels seen after the collapse of Lehman Brothers, as regulators push for lenders to bolster capital.
The financial crisis engulfing the eurozone took a fresh twist on Friday after Standard & Poor's cut the credit rating on nine eurozone countries, including France's prized AAA, and Greece's debt talks collapsed without agreement.