TOKYO (Reuters) - Fund managers are changing their allocations after the U.S. Federal Reserve stunned investors with a half-point rate cut this week to contain the economic fallout from the coronavirus epidemic.

Some analysts say the Fed’s move will unleash a global wave of monetary easing, which will have a big impact of financial markets.

The following is a summary of how fund managers are changing their portfolios and the advice they are giving to their clients:

TOSHINOBU CHIBA, CHIEF FIXED INCOME PORTFOLIO MANAGER AT NISSAY ASSET MANAGEMENT, TOKYO

*Buying more U.S. Treasuries with durations from three to seven years and hedging the currency risk in the forwards market

*Increasing investment in Chinese government bonds as well as extending durations

*Buying into newly issued U.S. credit funds

*Expects one more market sell-off due to coronavirus

*Nissay Asset Management had 13.01 trillion yen ($121.21 billion) in assets under management at the end of March 2019.

VINCENT MANUEL, CHIEF INVESTMENT OFFICER, INDOSUEZ WEALTH MANAGEMENT, PARIS

*Downward revisions to corporate earnings are already priced in due to recent equity sell off

*Market correction is an opportunity to build equity positions

*High-yield bond market vulnerable, spreads to widen further

*Calling for a shift to equities from fixed income

MICHAEL KELLY, GLOBAL HEAD OF MULTI-ASSET, PINEBRIDGE INVESTMENTS, NEW YORK

*Buying back China A shares

*Reducing stocks exposed to U.S. services sector

*Commodities have been terrible due to worries about China demand but could improve in future

*Pendulum shifting to manufacturing

*PineBridge had $101 billion under management at the end of 2019