World shares have surged following reports that China plans to spend billions of dollars to help rebuild the capital of state-run banks and provide other fiscal support for the economy.

A move like that is scary to chase, especially in a market as volatile as China’s, where the merest suggestion of regulatory scrutiny or lack of monetary stimulus could reverse things in a hurry. Then there are the warnings about the lack of oomph the stimulus measures are expected to provide.

At least, that was the case as of Tuesday’s close, when the U.S. benchmark saw its year-to-date advance top 20% for the first time since the start of 2024, according to Dow Jones Market Data. The achievement happened to coincide with the index’s 41st record close of the year.

A brief China-led rally has faded, leaving shares in Europe and Asia mixed after a strong start that extended overnight gains on Wall Street. U.S. futures and oil prices were

This is Beijing’s ‘Whatever It Takes’ moment.”The meeting’s minutes included calls to increase the scale of monetary policies, halt the decline in the real estate market, and promote stabilization and expand loan issuance to certain property projects.

Chinese stocks and the exchange-traded funds that track them surged Tuesday after Beijing announced the biggest stimulus package since the early days of the COVID pandemic, sparking what some analysts see as a tradable rally. At the same time, volatility ...