The selloff sweeping through global equity markets looked set to continue in Asia, with index futures signaling more declines amid mounting concern over the impact of China’s slowdown. Australian bonds rose and the yen held gains as rising volatility fueled demand for haven assets.

Futures on gauges from Japan to Australia slumped as a measure of global stocks tumbled to a two-year low, putting it on track for the worst quarter since 2011. U.S. index futures rallied amid the highest expected price swings for American equities since the start of September, after small-caps and biotechnology companies led Monday’s selloff. The dollar maintained gains against its high-yielding peers as more Federal Reserve officials backed a 2015 interest-rate rise, while copper futures extended their slump.

Nikkei 225 Stock Average futures were bid for 17,400 in the Osaka pre-market, after closing at 17,690 in Japan on Monday. Contracts on Australia’s S&P/ASX 200 Index slid 2 percent amid the rout in commodities, while futures on the FTSE China A50 Index declined 1.4 percent in most recent trading. Markets in Hong Kong and Taiwan resume trading Tuesday after a holiday, while South Korea is closed until Wednesday.

New Zealand’s S&P/NZX 50 Index, the first major stock gauge to start trading each day in the Asian region, retreated 0.9 percent by 12:04 p.m. in Wellington.

Source: Bloomberg