Global shares were rising, led by an 8 percent surge in Japanese stocks, helping lift the dollar as the prospect of more economic stimulus from China soothed investors rattled by recent market turmoil. The charge into stocks pushed yields on low-risk government bonds higher, though a sale of German 10-year debt attracted bids worth less than the amount on offer. The US Treasury is scheduled to auction $21 billion of 10-year paper later. Oil prices gave up early gains on concern about oversupply. European shares followed Asia higher. The pan-European FTSEurofirst 300 index rose 2.4 percent to a two-week high, led by miners tracking a sharp rise in metals prices on expectations of more stimulus in top consumer China. US index futures ESc1 SPc1 suggested Wall Street would open up about 1 percent. The stock market gains were sparked by a rally in Chinese shares on Tuesday, when weaker-than-expected August trade reinforced investors' expectations that Beijing would act to bolster slowing growth in the world's second-largest economy. China's Finance Ministry said on Wednesday it would strengthen fiscal policy, boost infrastructure spending and speed up tax reform, helping lift Chinese shares for a second day. Signals from Prime Minister Shinzo Abe that Japan will cut corporate taxes pushed the Nikkei 225 .N225 stock index up 7.7 percent, the most it has risen in a day since the depths of the global financial crisis in October 2008. MSCI's broadest index of Asia-Pacific shares outside Japan also rallied strongly, rising 3.3 percent, with gains across all the major indices. Investors' increased appetite for risk saw the dollar firm against the safe-haven yen and the euro. The single European currency EUR= was down 0.5 percent at $1.1142 while the yen was 0.9 percent weaker at 120.85 per dollar. Brent, the global benchmark LCOc1 for crude oil, was down 80 cents at $47.82 a barrel. German 10-year bond yields rose 1 basis point to 0.69 percent. Germany sold 3.2 billion euros of the paper at an average yield of 0.69 percent, attracting bids worth less than the 4 billion on offer. US 10-year Treasury yields also rose and were last up 3.4 bps at 2.23 percent, their highest since Aug. 10.

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