London — Commodity-related sectors led European shares lower for a third consecutive session on Friday while the dollar was poised for a weekly loss as the "Trumpflation trade" lost momentum. World stocks have hit record highs, emerging markets have come back in favour and the dollar has climbed to a 14-year peak in recent weeks due to the expectation that US President Donald Trump’s economic agenda will stoke growth and inflation. New US Treasury Secretary Steven Mnuchin took the edge off that optimism overnight when he said any policy steps by the Trump administration would probably have only a limited effect this year. The comments, made in his first televised interviews since taking office last week, suggested much work was still needed on a sweeping tax reform plan that Mnuchin called his main priority. They knocked the dollar back and it was trading down 0.2% against a basket of other major currencies at 100.82, leaving it slightly down on the week and facing its first weekly ...
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