London — Relative calm returned to global markets on Thursday, as traders took a brief break from worrying about a global trade war and focused back on how fast the European Central Bank (ECB) will end its €2.5-trillion stimulus programme. Both European and Asian share markets edged higher — the former for a fourth day — after US President Donald Trump’s push to introduce protectionist tariffs was tempered by signs he could spare some key trade partners. Germany’s DAX and the euro both lingered in the red though as a bigger than expected drop in German industrial orders reinforced eurozone caution after the weekend’s inconclusive Italian election. It may all argue for a more neutral message from ECB chief Mario Draghi later. Markets are on high alert for any signal on when it will end more than three years of unprecedented money printing. "They have stretched out the [buying] cycle and that made sense to us," said Shoqat Bunglawala, the head of the global portfolio solutions group f...
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