GLOBAL stock markets rallied yesterday as Chinese officials weighed new measures to bolster growth and US President-elect Barack Obama pledged that the world's largest economy would spend its way out of recession.

Hong Kong's Hang Seng index vaulted 1,198.78 points, or 8.7per cent, to 15,044.87 - its highest close in seven weeks - while Japan's Nikkei 225 average jumped 411.54 points, or 5.2per cent, to 8,329.05.

Major European bourses also surged, with Britain, France and Germany's benchmark indices climbing between 6 per cent and 9 per cent.

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