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European stocks hit three-week low as Trump reality sets in

LONDON: European stocks and bond yields dropped on Monday and the dollar hit a six-week low after US President Donald Trump began his term in office with a protectionist speech that pushed a nervous market into safe-haven assets. World stocks hit multi-year highs earlier this month on expectations Trump would boost growth and inflation with extraordinary fiscal spending measures. However, his inaugural address on Friday saw investors retreat to the safety of higher-rated government bonds as the new president signalled…