Reuters- Fund managers are gloomier about equities than at any time in at least the last 10 years and aversion to risk is close to what it was during the Bear Stearns crisis in March, a Merrill Lynch poll showed on Wednesday.

In its July poll of 191 global fund managers, the investment bank also found investors’ love affair with emerging markets to be souring and their demand for safe-haven cash at highs.

But the poll also showed that concern about inflation has waned, suggesting that investors are expecting a slowing global economy to squelch the threat of price rises.

"This very much is the age of extremes," said David Bowers, Merrill’s poll consultant.

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