A worker operates at a construction site on the 68th storey of a building in Shenyang, Liaoning province, October 16, 2014. REUTERS/Stringer
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Until a dramatic selloff, exuberant markets had raced well ahead of the economies that underpin them, partly because the U.S. Federal Reserve and other central banks flooded the financial system with new money.With the Fed set to turn off its money taps at the end of this month, investors appear to have woken up to poor growth prospects in much of the world, something International Monetary Fund chief Christine Lagarde has termed a "new mediocre". Chinese third-quarter gross domestic product numbers due Tuesday are forecast to show growth at its weakest pace in more than five years, at 7.2 percent year-on-year.A poor run of economic data suggests Germany will flirt with recession in the third quarter, having contracted by 0.2 percent in the second.Flash October purchasing managers indices for the United States, eurozone, Germany and France – due Thursday – will give a first glimpse of the state of their economies heading into the last quarter of the year.Third-quarter GDP data Friday are forecast to show growth of 0.7 percent in July to September.
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