Markets in Europe and Asia shot higher on Thursday after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates. U.S. futures were higher after a lackluster response on Wall Street to the Fed's move the day before.

Major stock markets in the Gulf rose in early Thursday trade after most central banks in the region cut their key interest rates following a larger than usual policy easing by the U.S. Federal Reserve.

The cut, and the prospect of more before the end of the year, pushed MSCI's 47-country world stocks index close to a record high. Wall Street futures were up after the S&P 500 hit its own all-time peak overnight [.N], and Europe also opened strongly. [.EU]