LONDON (MarketWatch) -- European stock markets trimmed losses in midday trade on Wednesday, as media reports said the European Commission called for a banking union in the region. The commission also mentioned the possibility of directly recapitalizing banks through the euro zone's permanent bailout fund, the European Stability Mechanism. The Stoxx Europe 600 index was off 0.8% at 242.32, after trading as low as 240.64 earlier in the session. Spain's IBEX 35 index also trimmed losses and traded 0.9% lower at 6,194.90, improved from a 2.6% loss in earlier action. U.K.'s FTSE 100 index slipped 1.3% to 5,320.66, while the CAC 40 index slumped 1% to 3,054.65. Germany's DAX 30 index dropped 0.7% to 6,355.20.
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