Asian stocks were little changed in thin trading as investors weighed the prospect of more stimulus from Chinese leaders.

The MSCI Asia Pacific Index added less than 0.1 percent to 130.05 as of 9:12 a.m. in Tokyo. Australia’s S&P/ASX 200 Index climbed 0.5 percent with volumes about 40 percent below the 30-day intraday average. The Standard & Poor’s 500 Index rebounded on Monday from its biggest two-day loss in three months.

Asian shares are down 5.6 percent this year, on course for their first back-to-back annual declines since 2002, as a commodity rout deepened and Chinese growth waned. The loss is about three times that of the S&P 500, which has dropped 1.8 percent in 2015. The Asian gauge trades at 13.7 times estimated earnings, compared with 17.1 for the S&P 500 and 15.5 for the Stoxx Europe 600 Index.

Japan’s Topix index gained 0.3 percent as the yen traded little changed against the dollar for a second day. The nation’s markets are closed Wednesday for a holiday.

South Korea’s Kospi index lost 0.1 percent. New Zealand’s S&P/NZX 50 Index gained 0.5 percent. Futures on Hong Kong’s Hang Seng Index advanced 0.4 percent in most recent trading, while contracts on the Hang Seng China Enterprises Index of mainland shares traded in the city climbed 0.3 percent.

Futures on the S&P 500 rose 0.2 percent. U.S. stocks surged in the final minutes of trading Monday, rebounding after the biggest two-day rout in three months as financial and technology companies led gains from equities’ lowest levels since October.

Source: Bloomberg