LONDON, Jan 25: European stock markets slide as investors digested news that Britain was dangerously close to recession and tracked ongoing woes over the eurozone debt crisis.

In afternoon trade, London’s benchmark FTSE 100 index of top shares retreated 0.99 per cent to 5,694.93 points, Frankfurt’s DAX 30 index dropped 0.75 per cent to 6,371.03 points and the Paris CAC 40 lost 0.73 per cent to 3,298.44 points.

Madrid slid 0.88 per cent and Milan dropped 0.99 pressure. “Early gains for the FTSE 100 were wiped off the slate after figures showed that the UK economy shrank by more than expected during the final quarter of 2011,” said IG Index analyst Chris Beauchamp.

Early gains in European shares on Wednesday were wiped away after the release of data showing the British economy shrank by a worse-than-expected 0.2 per cent in the fourth quarter, placing it close to recession as activity is hit by the eurozone crisis and state austerity. Elsewhere in Europe, investors remained on edge over ongoing Greek debt talks.—AFP