European shares extended their post-ECB rally as China's central bank cut its interest rate for the sixth time since November; it also cut bank reserve rates again to encourage lending. Germany's DAX surged 287 points, or 2.74% to 10,778. France's CAC 40 rose 116 points, or 2.43% to 4,917. Britain's FTSE 100 rose 80 points, or 1.26% to 6,456.

U.S. indexes also opened on a rally, with Dow Jones rising 119 points, or 0.68% to 17,612. NASDAQ rose 90 points, or 1.83% to 5,011. S&P 500 rose 21 points, or 1.01% to 2,073.

Dollar index (DXY) gained 0.46% to trade at 96.84. Dollar hammered Euro for the third session, rising to a nine-week high of 1.1035. Against Sterling it rose for the fourth session, trading at 1.5349. It rose to a fresh four-week high against Yen to 121.03.

Euro extended its slide against major currencies, falling to a two-month low against Sterling at 0.7188. It touched a one-month trough against Yen at 133.56.

Canadian dollar was knocked off to a three-week low to C$1.3194 per dollar, as Canada's CPI for September missed forecasts, coming at -0.2% m\m, compared with -0.1% forecast. Australian dollar gave up all of its early gains on Friday, to trade flat at $0.7207.

Oil prices were hurt by the strong dollar. Brent futures for December fell half a dollar, or 1.04% to $47.58 a barrel. U.S. crude futures fell a steeper $1.02, or 2.25% to $44.36 a barrel.

Spot gold was also hurt by the rallying dollar, losing $7.50, or 0.64% to $1,159.10 an ounce. Silver lost nine cents, or 0.59% to $15.70 an ounce.