Over half of European fund managers are predicting the region will fall into recession over the next year, with sentiment towards European banks hitting an all-time low, according to the latest Bank of America Merrill Lynch Global Research survey.

Fifty five percent of European fund managers are predicting two quarters of negative real GDP growth for the eurozone, according to the poll conducted between September 1 and September 8. In July, only 14% of fund managers predicted a recession.