By Sara Sjolin
LONDON (MarketWatch) -- European stock markets erased earlier gains in midday action on Wednesday, as initial optimism over Barack Obama's presidential victory was overshadowed by concerns on the looming fiscal cliff. The Stoxx Europe 600 index XX:SXXP -0.29% lost 0.1% to 274.49, after trading as high as 276.56 earlier in the session. France's CAC 40 index FR:PX1 -0.89% gave up 0.4% to 3,463.60, while Germany's DAX 30 index DX:DAX -0.70% fell 0.3% to 7,359.18. The U.K.'s FTSE 100 index UK:UKX -0.32% traded 0.2% lower at 5,872.64.
