Chinese stocks rocketed Monday, extending last week's surge after China unveiled a raft of economy-boosting measures, while a weak outlook for the car sector sent European auto stocks tumbling.Shanghai's stock market closed up more than eight percent -- its best day since 2008 -- while Hong Kong briefly leapt around four percent,

Shanghai jumped more than 8 percent — its best day since 2008 — and Shenzhen more than 10 percent, while Hong Kong briefly leaped around 4 percent. Investors have been rushing back into the beaten-down markets in reaction to a series of economy-boosting stimulus out of Beijing over the past week.

Hong Kong and Shanghai stocks rallied Tuesday after China unveiled fresh stimulus measures as the country's leaders struggle to kickstart growth in the world's number two economy.

Shares in Hong Kong and mainland China rocketed Monday, extending last week's surge after Chinese authorities unveiled a raft of measures aimed at kickstarting the world's number two economy.

Stocks plunged more than four percent in Tokyo on Monday after the yen surged in reaction to Shigeru Ishiba's election last week as the head of Japan's ruling party, which boosted expectations the Bank of Japan will continue hiking interest rates.