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LONDON—Global stock markets traded at fresh record-high levels on Wednesday while the dollar and U.S. Treasury yields ticked down as investors braced for the world’s largest economy to start cutting pandemic-era monetary stimulus. The U.S. Federal Reserve is expected to announce the tapering of its $120 billion-a-month asset purchase programme in its policy statement at 1800 GMT, a move widely seen as marking a new chapter in the world’s policy response to COVID-19. European stock markets rose to a new all-time high at the open after Wall Street’s main indexes also scored new records on Tuesday. U.S. futures were pointing to a flat open for the next session on Wall Street while MSCI’s all-country world index, which tracks equity performance in 50 nations, was up 0.02 percent, just a whisker from a new milestone. The Tokyo bourse was closed for a public holiday while MSCI’s broadest index of Asia-Pacific shares …