Global investors are betting on a short-term bounce in equities, boosted by expectations that the European Central Bank will engage in so-called quantitative easing by the year end, a Bank of America Corp. survey showed.

The Merrill Lynch Risk & Liquidity indicator, which combines readings of risk appetite, investor time horizons and cash holdings, jumped to 35 this month from 31 in July, the sharpest increase since February. Allocations in euro-area equities climbed to the highest since May 2011.

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