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Europe's main stock markets retrenched Wednesday, having rallied this week on French election news, but losses were stemmed after news that U.S. President Donald Trump wants to slash corporate taxes.The dollar clawed back ground against the euro, which earlier hit a five-month high against the greenback, after Treasury Secretary Steven Mnuchin said the Trump administration will propose slashing corporate taxes to 15 percent.Financial markets were electrified earlier in the week by news that centrist Emmanuel Macron had triumphed over far-right candidate Marine Le Pen in the first round of France's presidential election over the weekend.However, in Europe Wednesday, equities appeared to run out of steam on the eve of an interest rate call from the European Central Bank.
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