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

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.

China is considering injecting up to 1 trillion yuan ($142.39 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, Bloomberg News reported on Wednesday.

China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter.

China is on the verge of injecting nearly $142.4B (1 trillion yuan) to increase its biggest state bank’s capacity to support its nose-diving economy and slow markets. Sources confirmed that Beijing planned to issue new sovereign bonds to fund the largest Chinese government bailout since the 2008 global financial crisis.