Financial markets are braced for large interest rate cuts across the eurozone on Thursday amid mounting evidence of a sharp slowdown in the leading global economies. In the eurozone, traders priced in a 0.75 %point reduction by the European Central Bank to 2.5 per cent on Thursday, a move that would be bigger than any it has made in its near 10 year existence. Although economists were a little more cautious, with inflation risks disappearing fast, they nevertheless believed a 0.75% point reduction was a distinct possibility.
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