Global stock markets raced higher today as China's economic growth hit a 25-year low and sparked speculation of more government stimulus that would buoy the world's second biggest economy.
China's gross domestic product (GDP) expanded 6.9 percent in 2015, official data showed, which was the slowest growth since 1990 but met analysts' expectations.
Asian equities surged in reaction, with Shanghai leading the pack, as dealers bet that Beijing would seek to kickstart growth.
European markets were also spurred higher, with Frankfurt, London and Paris adding around two percent, and mining companies soaring on hopes of resurgent Chinese demand.
World oil prices also rebounded close to $30 per barrel but remained dogged by abundant crude supplies.
Swirling speculation over fresh stimulus provided some rare support at the start of a turbulent year that has seen markets hammered by worries over China's slowdown, 12-year oil price lows and the faltering global economy.
"Equity markets have managed to recover some momentum and are once again looking for gains following the rumours of further possible stimulus being on its way from China," said analyst Jameel Ahmad at trading firm FXTM.
China's 2015 economic growth rate was well below the 7.3 percent of 2014, but was broadly in line with Beijing's target of about seven percent.
It was also higher than an AFP survey of analysts that projected it would fall to 6.7 percent this year.
London's mining sector enjoyed sizeable gains, reversing recent China-inspired losses, as dealers bet on a recovery in demand from the leading commodity consuming nation.
Shares in Glencore rocketed 9.0 percent higher, while Anglo American jumped 7.4 percent, BHP Billiton shot up 4.3 percent and Rio Tinto added 3.3 percent.
In the eurozone, France's global steel titan Arcelor Mittal leapt 8.9 percent in Paris, while Germany's industrial giant Thyssenkrupp gained 2.4 percent in value.
"The mining rally is a relief rally with the stocks putting on gains after such heavy falls recently," GKFX analyst James Hughes told AFP.
