World markets advance after central banks move in synch, yet investors remain leery

European and Asian stocks rose Wednesday in response to a concerted effort by the U.S. Federal Reserve and other central banks to ease pressure on the world's credit markets.

A strong Wall Street rally from Tuesday boosted global market sentiment. Yet in Asia, many analysts remained wary, pointing to recent data indicating the U.S. economy _ a vital export market _ could be sliding into a recession.

Nevertheless, the overview was more bullish in Europe.

"The actions of the Fed caused a surge in financial stocks around the world which is one of the main drivers behind the FTSE's rise," said Paul Chesterton, a trader at CMC Markets in …