Chinese stocks tumbled on Wednesday alongside their Hong Kong peers, as investors sought to profit from a blistering rally, which was dampened by the lack of powerful stimulus measures to revive the economy.

Chinese stocks came under pressure on Tuesday after a disappointing update from the government tempered some of the exuberance that has propelled Chinese equities out of a bear market in recent weeks.

China’s Finance Ministry is set to hold a media briefing Saturday, reigniting expectations that Beijing is readying fiscal stimulus to boost the economy.

Chinese shares soared to two-year highs on Tuesday as mainland markets reopened from a week-long holiday to a flurry of speculation of more stimulus from Beijing. The blue-chip CSI300 was up 10% in early trade to its highest since mid-2022 and the Shanghai Composite rose 9.

Luxury sector stocks are suffering as European markets react to China's economic uncertainty and lack of fresh stimulus information.

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China's stock markets roared back from a week-long break to reach their highest levels in more than two years at the open, before paring gains after officials failed to inspire confidence in stimulus plans intended to revive the economy.

A highly anticipated press briefing by China's top economic planner fell short of expectations.

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,

Shares in mainland China plunged as traders expressed their disappointment with the lack of new stimulus. The U.S. government's possible attempt to break up Google weighed on tech.

By Tom Westbrook SINGAPORE (Reuters) -Chinese shares slumped and commodities were struggling to find a footing on Wednesday as investors tempered expectations for a robust Chinese economic recovery, while a downbeat outlook from New Zealand's central bank sent the kiwi to a seven-week low.