Europe's main stock market dipped on Wednesday as investors tracked the latest developments surrounding Greece's debt crisis and digested economic and earnings data.

In morning trading, London's benchmark FTSE 100 index was down 0.05 percent to 5,481.37 points. Frankfurt's DAX 30 fell 0.11 percent to 5,770.33 points and in Paris the CAC 40 shed 0.14 percent to 3,806.53 near the half-way stage.

The Stoxx 50 index of top eurozone shares decreased by 0.21 percent in value to stand at 2,790.44 points.

All eyes were on eurozone member Greece, which was on Wednesday set to reveal additional austerity cuts worth 4.8 billion euros (6.5 billion dollars) in a bid to rescue its debt-stricken economy, state television NET reported.

The Socialist government is expected to make an imminent announcement on the measures after Greek Prime Minister George Papandreou has briefed President Carolos Papoulias.

Papandreou, who is to visit Berlin on Friday and Paris on Sunday, said on Wednesday that Greece was awaiting European solidarity to help it enact the latest round of measures.

Ahead of the announcement, European traders digested official data showing German retail sales had steadied in January compared with the level in December, raising hopes that consumption might begin to rebound.

Retail sales fell however by 3.4 percent from January 2009 in the biggest European economy, the Destatis office added.

Destatis said in a separate statement that average gross earnings of all German workers fell by 0.4 percent to around 27,648 euros (37,723 dollars) in 2009, the first decline in 60 years.

Elsewhere, investors studied mixed earnings results.

The share price of Adidas slumped 5.80 percent to 35.84 euros in Frankfurt after the German sportswear and equipment maker said that its 2009 profit plunged by 62 percent during one of its most difficult years.

Net profit fell to 245 million euros (334 million dollars), a statement said.

In London, Asia-focused bank Standard Chartered jumped 2.64 percent to 1,632 pence after the group announced it had earned record income and profits last year and said that 2010 had started well.

The Britain-based bank which also trades across Africa and the Middle East, said net profits rose 4.7 percent to 3.279 billion dollars (2.407 billion euros) last year compared with its performance in 2008.

"2009 was the seventh successive year of record income and profits," the bank's chairman John Peace said in a group earnings statement.

"The Bank has used its strong capital and liquidity position and its increasingly powerful brand to capture market share from competitors and to deepen relationships with customers and clients. The Bank enters 2010 with real resilience and momentum," he added.