More investors are pessimistic about equity markets in the Eurozone than at any point since July 2003, according to the latest monthly fund manager survey from Merrill Lynch.

When asked which regions they would be most likely to overweight and underweight, 28% of fund managers declared they would be most likely to underweight the Eurozone, compared to only 8% who said they would favour the region. The net proportion of fund managers negative on the region is the highest in almost five years, according to Merrill Lynch.