EU says eurozone in recession

A European Central Bank (ECB) rate cut on Thursday - already a strong possibility - now looks a near certainty after the European Commission said the eurozone was likely in recession and predicted the economy would stagnate in the coming years.

The eurozone contracted by 0.5% in the second quarter on the back of exceptional growth in the three months to March. The commission said in its autumn economic forecast that the region's economy was likely to have contracted further in the third quart

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