Investors increasingly believe that the threat of another dip in the economy is waning, a survey concluded.

Investors' risk aversion is at its lowest point in more than three years amid optimism that the global economy is on a path to recovery, according to the Bank of America Merrill Lynch Survey of Fund Managers for October, which was released Wednesday. Sixty-five percent of respondents said they think a global recession is unlikely in the next 12 months, up from 47% last month, and 72% said they think the outlook for corporate profits will improve, up from 68%.

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