GLOBAL MARKETS-Rate fever propels dollar, wallops stocks and bonds ...Middle East

World stocks slumped on Monday as the growing risk of more aggressive U.S. and European interest rate hikes inflicted more pain on bond markets and pushed the dollar to new 20-year highs, as recession fears mount. Two-year U.S. yields surged to a high of around 3.49%, the highest since late 2007 and far above the 10-year at 3.11%. Yields also jumped across Europe.

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