Asian stocks dropped after Brent crude slid below $50 a barrel for the first time since January, dragging commodity producers lower.

The MSCI Asia Pacific Index declined 0.3 percent to 140.70 as of 9:05 a.m. in Tokyo. Australia’s S&P/ASX 200 Index slipped 0.2 percent ahead of Tuesday’s central bank interest-rate decision. Chinese stock-index futures fell after regulators imposed limits on short selling on Monday in its latest effort to suppress volatility.

Speculation Iran could boost oil output soon after sanctions are lifted and mounting concern over slowing Chinese economic growth fueled commodity losses, with energy and materials shares sliding around the world. The plunge in oil and data, indicating a pullback in U.S. manufacturing, bolstered the case for keeping American rates lower, as the Federal Reserve mulls its first increase since 2006 as early as next month.

Japan’s Topix index retreated 0.3 percent. New Zealand’s NZX 50 Index fell 1.1 percent. South Korea’s Kospi index rose 0.2 percent.

Source: Bloomberg