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

Chinese equities capped their biggest weekly rally since 2008 with a burst of trading that overwhelmed the Shanghai stock exchange, underscoring a dramatic shift in investor sentiment after Xi Jinping’s government ramped up economic stimulus.

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.

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

Stock markets climbed Thursday as China signaled more stimulus for the world's second-largest economy, while a strong outlook from US chip giant Micron gave a further boost to investor optimism.

A global stock index reached a record high on Friday following China's stimulus boost, while Treasury yields dipped as U.S. inflation data lifted expectations of an outsized interest rate cut at the Federal Reserve's November policy meeting.

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.

Hong Kong and Shanghai led another rally across markets on Thursday as China unveiled further economy-boosting measures following a raft of stimulus this week. China announced a fresh batch of measures to boost jobs -- particularly among young people -- and help the poorest with handouts,