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Trump Team Protectionist Talk Roils Dollar, Stocks: Markets Wrap

  • Mnuchin welcomes weaker greenback as “good for trade”
  • Treasury yields increase; stocks mixed amid earnings
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UBS Group AG Chairman Axel Weber discusses his global concerns, fiscal and monetary policy, and the economy.Daybreak: Europe at the World Economic Forum’s annual meeting in Davos, Switzerland. (Source: Bloomberg)
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Trump administration protectionist rhetoric roiled financial markets, sending the dollar to its lowest level in three years and whipsawing stocks that had been buoyed by strong earnings.

Comments from Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin set the tone, with the officials blaring the Trump team’s “America First” message before the president arrives in Davos, Switzerland. White House Press Secretary Sarah Sanders appeared to soften Mnuchin’s comments later, praising a “stable” U.S. currency.