London shares down midmorning; insurers fall on Munich Re warning (AFX)

LONDON (Thomson Financial) - Leading shares were lower midmorning after official data showed economic growth was slowing, insurers fell after Munich Re warned on profits and banks continued to suffer due to the crisis of confidence in the U.S. At 9:59 a.m., the FTSE 100 index was 27.3 points lower at 5,335.0, off the session low of 5,306.3. The FTSE 250 index was off 155.2 points at 8,852.0. The British economy grew at its slowest rate in over three years during the second quarter of the year as housing construction came to a near standstill, official figures showed today. The office for National Statistics said GDP rose by an expected 0.2 percent in the three months to end-June from the previous three month period, down on the 0.3 percent recorded in the first three months of the year. The data was in line with expectations.... [read full story]