European Shares Surge on China's Economic Stimulus and Lower Oil Prices

European shares rose significantly, trailing Asian markets, driven by China's announcement of a significant economic stimulus and a dip in oil prices following Saudi Arabia's reported decision to lower its crude price target. Notably, Europe's Stoxx 600 gained 1%, nearing its August high, while major Chinese indices saw substantial increases.

European shares surged on Thursday, mirroring gains in Asian markets, fueled by announcements of aggressive economic stimulus from China and a decline in oil prices after reports that Saudi Arabia would move away from its $100-a-barrel target for crude.

Europe's Stoxx 600 index climbed 1% in early trading, nearing its all-time high from August, while Chinese onshore bluechips and Hong Kong's Hang Seng Index both saw rises exceeding 4%.

A mainland Chinese property index soared 15%, buoyed by a Politburo meeting readout indicating increased fiscal spending to meet the country's 5% growth target, raising expectations for further stimulus. This sentiment was reinforced by a Bloomberg report suggesting Beijing might inject up to 1 trillion yuan into major state banks.

(With inputs from agencies.)