Norway to cut key interest rate first time in 2 years

Norwegian central bank is likely to cut its repurchase rate for first time since 2009, as European debt turmoil harms growth. Norges Bank is expected to reduce its overnight rate by 0.25 percentage points from 2.25% to 2.0%, said majority of economists surveyed by Bloomberg. Norway faced shrinkage in manufacturing output in November, first time since in 18 months.