) -- European and Asian markets bounced back Wednesday following on from Tuesday's rally in New York.
Germany did particularly well with Frankfurt's DAX index at one point hitting a new record of 9643, a jump of nearly 1%. Insurer
and Germany's No. 2 lender
moved up strongly, as did auto and utility stocks. But German economic figures released Wednesday also disappointed slightly. GDP growth in 2013 was 0.4%, down from 0.7% in 2012. While consumer spending was up, the German export juggernaut advanced more slowly than in previous years and capital expenditure and investment by industry was down by 2.2%.
In London, fashion house
Burberry, with its distinctive tartan designs, hit the market catwalk with a 6.6% rise to 1,574 pence a share after retail revenue rose 14% on the year to 528 million pounds ($866 million). The firm did well in its key Asian markets too, as well as reporting faster growth in its online sales. Departing CEO Angela Ahrendts will be a hard act to follow, especially as the firm warned of currency headwinds later in 2014.
The FTSE 100 was up 0.3% at 6,787.34, the CAC 40 was up 0.4% at 4,291.51 and the DAX was still up 0.82% at 9,618.28.
In Asia, markets also recovered strongly, though not enough to cover all the losses earlier in the week. And there was some concern over a World Bank report, which warned that if central banks in the developed world reined in their economic stimulus programs too abruptly, then emerging economies could be hit even harder this year than they were when outgoing
Federal Reserve Chairman Ben Bernanke warned of a Fed taper last May. Last year's uncertainty caused disruption from Turkey to India and Brazil, and it could all happen again as investors withdraw tens of billions of dollars from emerging market funds in the event of what the World Bank called a "disorderly adjustment scenario."
In Japan, the Nikkei 225 closed up 2.5% at 15,808.73, while Hong Kong's Hang Seng Index was up 0.49% at 22,902.
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