European shares bounced back on Wednesday from a sharp sell-off in the previous session, as a drop in the value of the euro lifted stocks in the region's exporters, Reuters reported. Germany's DAX, whose constituents include major exporters BMW and Volkswagen, touched a new record high, while the broader pan-European FTSEurofirst 300 index rose 1.4 percent. The euro hit another 12-year low against the dollar on Wednesday, extending a broad decline since the European Central Bank kicked off a 1.1 trillion euro ($1.2 trillion) asset-buying programme at the start of the week. "The strength of the U.S. dollar is going to support European equities. We remain with a 'buy on the dip' strategy," Swiss bank Reyl's chief strategist, Francois Savary, said. The rebound came in spite of a slump in New York overnight. The U.S. S&P 500 fell 1.7 percent on mounting worries over the pace of economic growth and the prospect that the U.S. Federal Reserve could raise interest rates as soon as June.
