The euphoria was thanks to Beijing's big-bang stimulus announcement, that showed urgency and concerted commitment to boost China's ailing economy.

China’s problems run deep, but policymakers are changing their tone. Experts are taking note but are still wary as previous moves haven’t worked.

World shares have surged following reports that China plans to spend billions of dollars to help rebuild the capital of state-run banks and provide other fiscal support for the economy.

Indexes rallied Thursday amid a surprise fall in jobless claims and promises from China to further invigorate the country's sluggish economy.

Stocks in Asia advanced on Friday, led by gains in Hong Kong and other Chinese markets fueled by China's moves to rev up its economy. Japan’s Nikkei 225 index was up more than 1% as the ruling Liberal Democratic Party conducted a leadership election that will determine who is Japan’s next prime minister.

Shares rallied again in Asia on Thursday following reports that China plans to spend billions of dollars to help rebuild the capital of state-run banks. Bloomberg and other reports cited unnamed sources as saying that the Chinese government would spend 1 trillion yuan ($142 billion) on capital injections for lenders.

European equities clung to the coattails of surging Asian stocks on Thursday, driven by news of aggressive Chinese economic stimulus and a fall in oil prices on a report Saudi Arabia is preparing to dump its unofficial crude price target of $100 a barrel.

Treasury yields ticked higher in the bond market after sinking the prior day on a surprisingly weak update on confidence among U.S. consumers. The worst drop in three years raised worries about the U.