London — World stocks were on course to extend a five-day run of record highs on Thursday, while bitcoin took a breather after its latest surge and Russia’s markets tumbled at the prospect of the harshest US sanctions in years.

For traders, it was hard keeping up. Europe’s Stoxx 600 opened with a new all-time high as a flurry of positive earnings offset growing worries about a third wave of Covid-19 infections in the region...

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