London (CNN Business) Happy Sunday. A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here.

Just three months ago, the escalating US-China trade war and a troubling signal in the US bond market induced a global panic, sparking a selloff in stocks and, for the first time in a decade, resurfacing the dreaded r-word: recession.

Now, investors around the world are shrugging off their concerns. Sentiment is improving — allowing markets to continue pushing higher and higher. US stock indexes hit all-time highs again on Friday, with the Dow climbing above 28,000 points for the first time in history.

See here: "Recession concerns vanish" was the takeaway from Bank of America Merrill Lynch's most recent survey of fund managers. Expectations for global growth in the next 12 months had their biggest leap ever between the October and November.

Investors are sitting on less cash while boosting their exposure to global stocks, Bank of America notes. Michael Hartnett, the chief investment strategist, describes what's happening as FOMO, or "fear of missing out."

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