Investors in Hong Kong have bet a record amount on exchange-traded funds that profit when stocks decline, showing how quickly sentiment is shifting following a breakneck rally.

The Chinese central bank’s liquidity boosting tool sparks a 2.5 per cent surge in Hong Kong’s Hang Seng Index.

A key stock market index in Hong Kong saw the biggest single-day drop since the financial crisis on Tuesday. The Hang Seng index fell by -2172.99 (-9.41 percent) on Tuesday. The drop followed an announcement on Tuesday by China's economic planning agency that outlined details of measures aimed at boosting the economy but refrained from major spending initiatives.

China is back to work after the fall "Golden Week" holiday, and the sheen is coming off a recent market rally. A briefing from the country's top economic planner, the National Development and Reform Commission,

Hang Seng Index slipped 1.4 per cent, adding to its 9.4 per cent plunge on Tuesday, while the CSI 300 Index of onshore stocks sank 7.1 per cent.

U.S. stocks are steadying themselves on Tuesday as falling oil prices release some of the pressure that’s built up on the market. The S&P 500 was 0.8% higher in afternoon trading and clawing back most of its loss from the day before.

Wall Street is pointing higher before the opening bell after Hong Kong’s benchmark plunged more than 9% after Beijing refrained from major spending initiatives as China’s economy slows. Futures for