2013's been a remarkable year for major markets, with Germany's DAX up 26% and Tokyo finishing the year up 57%. But some emerging markets like Turkey and Brazil were hit hard by the Federal Reserve's long dither about when to start the taper. China has ended a year-long freeze on new IPO, giving the go ahead for five to start out with. But despite the boost from recently announced economic reforms, the Shanghai Composite ended the twelve months down 7.1%. In London, especially after last week's strong rally, the FTSE 100 is expecting to clock up gains of around 14% on the year. But some big retailers have been hit by worries about weak consumer spending and heavy discounting in the weeks before Christmas.