Asian shares seen falling, investors brace for data

HONG KONG, Oct 27 (Reuters) - Asian shares are likely to fall on Monday, as investors brace for more weak economic data from the United States this week, fuelling fears of a deep recession.

The U.S. Commerce Department will on Thursday release third-quarter economic data and economists are forecasting that the gross domestic product probably shrank during the period. Other data to watch out for include new home sales, consumer sentiment, durable goods order.

The Federal Reserve will begin on Tuesday a two-day meeting and policy makers are expected to deliver another half-point rate cut, bringing its key rates to the lowest in over four years.

Central banks around the world are likely to follow the Fed in trimming rates to calm financial markets and boost sagging economies. South Korea's central bank will hold an unscheduled meeting today and some analysts expect another rate cut.

U.S. stocks tumbled last week on pessimism about the global economy, which sent the S&P 500 on track to its worst month ever since the post-World War Two era.

Last week, the U.S. dollar gained to a two-year high against a basket of currencies against the euro, while the yen soared to multi-year highs versus the euro and the dollar.

HEADLINES: > Recession fears haunt markets,IMF talks accelerate [nSP182838] > Kuwait saves bank, Saudi extends credit [nLQ710101] > Fed to cut as markets implode

[nLO168343] > IMF, Ukraine agree $16.5 bln loan with conditions [nN26279514] > S.Korea seeks urgent action on economy [nSP414418] > Livni calls for early Israeli election [nLQ716287] > US helicopters raid border point with Iraq -Syria [nBAY666358] > U.S. Treasury mulls insurer aid program -sources [nN24526524] > Probe clears IMF chief Strauss-Kahn in affair [nN25267145] > ECB to cut inflation, growth forecasts -paper [nLQ663120] > Japan econ min: govt must expand bank bailout plan [nT83427]

KEY INDEXES pct change

Bank of New York Asia ADR index .BKAS -7.17

Dow Jones Industrial Average .DJI -3.59

Nasdaq Composite Index .IXIC -3.23

MSCI Asia Pacific ex-Japan .MSCIAPJ -8.32

Nikkei futures in Chicago 2NKc1 10.76

Nikkei futures in Osaka JNIc1 -4.20

ASIAN ADR ACTION: