Europe's stock markets slid by more than one percent at the open on Wednesday, reversing the previous day's gains that were inspired by China's rate cut.

In initial trade, London's benchmark FTSE 100 index lost 1.30 percent to 6,002.28 points, Frankfurt's DAX 30 tumbled 1.69 percent to 9,956.85 and the CAC 40 in Paris sank 1.44 percent to 4,499.23 points.