China’s problems run deep, but policymakers are changing their tone. Experts are taking note but are still wary as previous moves haven’t worked.

Indexes rallied Thursday amid a surprise fall in jobless claims and promises from China to further invigorate the country's sluggish economy.

A global stock index reached a record high on Friday following China's stimulus boost, while Treasury yields dipped as U.S. inflation data lifted expectations of an outsized interest rate cut at the Federal Reserve's November policy meeting.

China’s shares surged on Thursday, lifting markets across Asia and Europe. Investors responded positively to new stimulus measures from Beijing. The rally was particularly strong in mainland property stocks.