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SINGAPORE/LONDON (Reuters) – Central banks are likely to launch new coordinated emergency action this week to calm panic in financial markets, which could be rocked further by data pointing to global recession.
The U.S. Federal Reserve is expected to cut rates sharply following share selloffs and currency collapses in developed economies and the emerging markets of Asia and Latin America.
Advance third-quarter U.S. economic growth data due on Thursday is expected to show a 0.5 percent contraction in gross domestic product after 2.8 percent growth the previous quarter.