LONDON, March 22 — London equities slipped at the open today but Frankfurt and Paris rose, after the European Union gave Britain a last-gasp Brexit deadline extension deal.

In initial deals, London’s benchmark FTSE 100 index fell 0.2 per cent to 7,338.15 points, compared with yesterday’s close, while the pound rose.

On the upside in the eurozone, Frankfurt’s DAX 30 index gained 0.3 per cent to 11,578.39 points and the Paris CAC 40 also won 0.3 per cent to stand at 5,394.46.

At a summit in Brussels yesterday, British Prime Minister Theresa May was given until April 12 to push her divorce agreement through a fractious parliament next week.

If she manages to get it passed, the exit date will be pushed back until May 22.

However, a third defeat by MPs would mean Britain crashes out on April 12, unless London agrees to take part in European elections, a move the prime minister previously has ruled out.

"The EU granted Theresa May an extension of two weeks to work out what to do,” said London Capital Group analyst Jasper Lawler.

"Theresa May now has to April 12 to decide whether to leave with a no deal or to request a longer extension.

"Once again, we are likely to see eurosceptics threatened with the idea of a long extension if they do not support her deal. As the UK moves back from the brink, the pound is moving higher.” — AFP