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FTSE hits a 2016 high, but it may not last long

European stock markets rallied on Wednesday following positive Chinese data, with the U.K.'s major bourse hitting a 2016 high, but it may fall back soon, analysts warned.

The FTSE 100 index climbed above the 6,300 level for the first time in 2016. Year-to-date, the index had risen 4 percent in Wednesday afternoon trade.

The European STOXX 600 also performed well on Wednesday, rising by around 2 percent.

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The best performers on the FTSE were financial and mining companies such as Standard Chartered and BHP Billiton.

Positive data from China showing the country's dollar-priced exports increased 11.5 percent year-on-year in March dispelled fears about the Chinese economy and lent support to commodities.

The recovery in commodities helped push up the prices of miners and basic resource producers, leading to the bounce in the FTSE, explained Laith Khalaf, senior analyst at Hargreaves Lansdown.

But Khalaf warned that the climb could be short-lived.

"In the short term things may fall back as commodity markets are capricious and dependent on events like this weekend's meeting of oil-producing nations in Doha," he told CNBC via email. "The EU referendum vote may cause some volatility in markets as we get closer to the date."

Tom Stevenson, investment director at Fidelity International, also warned that the U.K. vote on EU membership could affect the FTSE's prospects.

"Whether or not the rally can be sustained over the next couple of months will depend on how the Brexit polls evolve and the unfolding US earnings season, where expectations are low enough to offer the prospect of positive surprises," he said to CNBC in an email.

"In the meantime, with the FTSE 100 still 10 percent below last spring's peak level, U.K. shares offer attractive yield support in a lower-for-longer interest rate environment."

Khalaf also offered a positive outlook for the FTSE and said it was approaching a fair value for investors.

"The U.K. stock market valuation remains in the middle of its range, which suggests it's neither cheap nor expensive, so long-term investors are getting close to a fair price."

The worst performer on the FTSE was food retailer Tesco. Shares in the company slumped, despite reporting sales growth and pre-tax profits of £162 million ($230 million).

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