Japanese stocks hit 7-year high

Japanese stocks have posted their largest one-day gain since the 2008 global financial crisis.

Nikkei index soared 7.7 as Asian stocks extended a global rally on Wednesday.

The Shanghai Composite index SSEC rallied 2.3 percent, and Hong Kong's Hang Seng index .HSI climbed 3.5 percent in further signs of stability.

Meanwhile, European stock markets also opened higher some 2 percent following the upbeat markets in Asia.

The pan-European STOXX 600 gained over 2 percent at the open.

London’s FTSE 100 index was up more than  1.6 percent, with German DAX gaining 2.1 percent and French CAC climbing over 2.2 percent.

Also, major Wall Street indices posted gains of more than 2 percent overnight.

The global markets have been rallying after Chinese stocks stabilized.

The stock markets in China have lost nearly 40% of their value since mid-June. The losses affected equity markets around the globe.

The decline came despite drastic measures by Beijing to shore up the market.

Analysts believe that the summer crash in Chinese stock market can be attributed to the bursting of a stock market bubble which was encouraged by official media and fueled by borrowed money.

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