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European stocks drop on economic growth concerns (AFP)
slid Wednesday on concerns over economic recovery that also pushed Asian shares deeper into the red, dealers said.
dropped 0.75 percent to 5,236.37 points in late morning trade, one day after official data revealed that the British economy had limped out of recession during the fourth quarter of 2009.
“Another weak start to the markets this morning as investors confidence remains shaken by the weak UK GDP figures published yesterday and therefore the threat of a double dip recession looms large in people's minds,” said Arifa Sheikh-Usmani, a trader at Spreadex.
British gross domestic product (GDP) — the value of all goods and services produced in the economy — grew by just 0.1 percent in the three months to December, after a 0.2-percent contraction in the third quarter.
The positive figure, which dashed market expectations for a 0.4-percent expansion, marked the end of a deep recession which began in the second quarter of 2008 as a result of the
.
The return to growth, after a record six straight quarters of contraction, means that
since the 1930s.
trading, Frankfurt's DAX 30 shed 0.45 percent to 5,643.57 points, with losses less severe than elsewhere as Germany's economy minister said the country's economy will grow more than expected this year.
Rainer Bruederle raised his growth forecast to 1.4 percent from a previous estimate of 1.2 percent.
meanwhile, the
lost 0.89 percent in value to reach 3,772.96 points. The
of top eurozone shares declined by 1.12 percent to 2,795.91.
Earlier in Asia,
will put a cap on its banks' lending amid fears of an overheated Chinese economy, dealers said.
Tokyo ended down 0.71 percent at 10,252.08 points.
US stocks sputtered Tuesday as global recovery concerns stemming from problems in the Chinese and Japanese economies overshadowed a third straight monthly rise in US consumer confidence.
The market oscillated between positive and negative territory, opening lower on concerns over China's lending squeeze and a possible sovereign credit rating downgrade for
that could dampen global economic recovery.
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