LONDON (Reuters) - Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts 7.5% drop in EPS in the next 12 months.

With all major central banks coming out with a less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds, while pulling some $1.7 billion money out of equities.

U.S. was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks.

Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest rates intact and its outlook on easing came in below market expectations.

The U.S. Federal Reserve cut interest rates in-line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

(Reporting by Thyagaraju Adinarayan; editing by Josephine Mason and Jane Merriman)