(Bloomberg) — Asian stocks rose with U.S. index futures in the wake of a $1.5 trillion global rout Monday, while the euro pared a quarterly advance as investors watch developments in Greece. Chinese shares reversed losses as the government stepped up efforts to buoy sentiment amid a bear market.

The MSCI Asia Pacific Index added 0.9 percent by 2:48 p.m. in Tokyo, while Standard & Poor’s 500 Index futures rose 0.3 percent. The MSCI All Country World Index climbed 0.2 percent after dropping 2.2 percent Monday. The euro was at $1.1191, having climbed 4.3 percent since the end of March. U.S. and Japanese bonds were little changed. The Shanghai Composite Index jumped 3.1 percent after slumping as much as 5.1 percent.

About $1.5 trillion was erased from the value of global equities Monday after Greece short-circuited bailout talks by calling a referendum on creditor demands. The focus Tuesday shifts to whether Greece will default on a $1.7 billion payment due to the International Monetary Fund. Chinese authorities stepped up efforts to quell market panic, allowing pension funds to buy stocks as a brokerage association called on investors and fund managers to stabilize the market.

“After the recent correction, investors might think stocks are oversold and hope regulators will introduce further measures to support the market,” said Shen Zhengyang, an analyst at Northeast Securities Co. in Shanghai. “The fund

industry association’s remarks on stocks might also have boosted investor confidence.”

IPO Delayed

The Shanghai Composite, which finished Monday more than 20 percent below a June 12 high, is swinging by the most since 2008. The gauge swung by 9 percent from bottom to top Tuesday, after Monday’s 9.8 percent fluctuation that was the biggest in point terms since 1992.

The benchmark gauge for China’s largest venue is 12 percent higher for the quarter, a fifth straight gain. Investors should look at stock market risks from a long-term and rational point-of-view, according to a statement from a sub-committee of China’s Asset Management Association.

The government is considering pushing China Nuclear Engineering’s IPO to a later date because of current market conditions, according to people familiar with the situation, who asked not to be identified as the matter is private.

Hong Kong’s Hang Seng Index advanced 1.4 percent, with a gauge of Chinese companies listed in the city jumping 2.4 percent.

Yields on 10-year Treasury notes held at 2.32 percent, following the previous session’s 15 basis-point plunge. Similar-maturity Japanese debt paid 0.46 percent, paring Monday’s drop. Australian bonds due in a decade yielded 2.95 percent after sliding 10 basis points Monday.

Mixed Messages

Greek Prime Minister Alexis Tsipras claimed Monday that regional leaders didn’t have the nerve to kick them out of the euro and that a “no” vote in the July 5 referendum will strengthen the country’s bargaining position.

While European Central Bank Executive Board member Benoit Coeure said in an interview with Les Echos published late Monday that a “yes” decision will prompt euro zone members to “find the means, under one form or another, to honor their commitments.”

The euro lost 0.4 percent against the dollar and fell 0.6 percent to 136.94 yen Tuesday. The 19-nation currency is still on track for its best quarterly performance since 2011.

Greece’s current bailout package expires Tuesday, just as the payment is due to the IMF. S&P cut Greece’s credit rating by one level Monday, saying the probability of the country leaving the euro area is now 50 percent. Capital controls and a bank holiday were imposed in Greece early Monday and the stock exchange was closed.

Asia Equities

Australia’s S&P/ASX 200 Index rose 0.3 percent following a three-day retreat. The Kospi index in Seoul climbed 0.4 percent, increasing its second straight quarterly gain to 1.2 percent.

Japanese stocks swung between gains and losses. The Nikkei 225 Stock Average is up 5 percent this quarter, set for a fifth straight advance after touching an almost 19-year high last week. A measure of option prices on the gauge fell 8.4 percent after surging 29 percent Monday, the most since August.

The Bloomberg Dollar Spot Index, a gauge of the U.S. currency against 10 major peers, rose 0.1 percent after slipping 0.3 percent on Monday. The Swiss franc retreated 0.6 percent.

The Korean won gained 0.9 percent, while New Zealand’s dollar extended losses near a five-year low, dropping 0.6 percent.