Most Asian index futures signaled a return to losses for the region’s stocks, with crude oil near an almost three-week low amid concerns over a global glut and after drugmakers drove declines in U.S.

The S&P/ASX 200 Index fell 0.3 percent by 10:57 a.m. in Sydney, dropping for the second time this week, as industrial shares and technology stocks led losses. Energy producers were the only gainers, with Santos Ltd., Australia’s third-biggest oil and gas producer, jumping the most since 1986 after it rejected a takeover proposal from an advisory firm that manages assets for Middle Eastern royalty.

New Zealand’s S&P/NZX 50 Index, the first major gauge to start trading each day in the Asia-Pacific region, was up 0.1 percent.

Markets in Hong Kong resume trading Thursday following a holiday, while India is closed. Futures on the FTSE China A50 Index rose 0.3 percent in most recent trading, following a 3.1 percent slide in Shanghai stocks last session. The biggest U.S. exchange-traded fund tracking Chinese equities slumped 4.6 percent Wednesday, the most since Sept. 14, on speculation a recent rally in Chinese markets was excessive.

Source: Bloomberg