Asian stocks showed signs of stabilizing after the worst start to the year since 1988 as U.S. equities pared losses amid a global rout sparked by concerns about slowing economic growth.

The MSCI Asia Pacific Index lost 0.3 percent to 128.46 as of 9:15 a.m. in Tokyo. All eyes will be focused on the yuan’s daily fixing and the subsequent opening of mainland Chinese stock markets after regulators shut the stock market following a 7 percent slide on Monday.

Asian equities are reeling from the first back-to-back annual losses in a decade amid concern weakening Chinese growth and tighter U.S. monetary policy will choke off an earnings expansion.

Global equities had their worst inaugural session in at least three decades on Monday. The MSCI Asia Pacific index slumped 2.3 percent, the most in three months, after the first economic reports in 2016 suggest concern over the world’s second-largest economy won’t easily dissipate. Evidence of slowing manufacturing in China triggered a selloff that halted trading in Shanghai.

Source: Bloomberg