LONDON (AFP) ? Stock markets were pulled lower on Tuesday by news of a surprise contraction in British quarterly economic growth.
The FTSE 100 index sank 0.63 percent to 5,906.89 points in late morning deals
Britain's economy shrank by a shock 0.5 percent in the fourth quarter of 2010 after expansion of 0.7 percent in the third quarter, the Office for National Statistics (ONS) said in a statement.
That was the first drop since the third quarter of 2009 and confounded expectations for modest growth of 0.4 percent in the fourth quarter.
"Traders were left reeling in the wake of the shock UK GDP numbers this morning," said analyst Ian O'Sullivan at London-based trading firm Spread Co.
"The FTSE seemed to have a delayed reaction, holding steady at first, but eventually traders started to sell and it slid to morning lows of 5,903 points."
The data has sparked fears of a double-dip recession, amid lingering concerns over the impact of the government's severe austerity measures that are aimed at slashing a huge public deficit.
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