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Glob­al mar­kets took a step back­ward on Mon­day, with weak U.S. con­sump­tion cast­ing a shad­ow amid a report the incom­ing Biden admin­is­tra­tion will return to a tra­di­tion­al view of the U.S. dollar.

Trad­ing was mut­ed, with U.S. stock mar­kets closed for the Mar­tin Luther King Jr. holiday.

The Nikkei 225 dropped 1% in Tokyo and the Kospi Composite…