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.

“Renewed Chinese growth concern is driving commodities and stock prices lower,” said Matthew Sherwood, Sydney-based head of investment strategy at Perpetual Ltd., which manages the equivalent of $24 billion. “With earnings season concluding this week, all eyes are likely to look back at the clouded macro picture. China and Greece remain problematic and the U.S. Fed is likely to remain at the forefront of investors’ concerns.”

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.

Australian Rates

While most economists predict the Reserve Bank of Australia will leave the benchmark cash rate unchanged at 2 percent at its meeting on Tuesday in Sydney, Stevens has said the option of further easing remains on the table. Swaps markets are pricing in about a 90 percent chance of a reduction in the next year, data compiled by Bloomberg show.

Contracts on the FTSE China A50 Index fell 0.4 percent in most recent trading. With mainland Chinese stocks dropping for six of the past seven days, regulators announced the short-selling restrictions after markets closed Monday. Those who borrow shares will have to wait a day to pay back the loans, according to statements.

Futures on Hong Kong’s Hang Seng Index decreased 0.2 percent and contracts on the Hang Seng China Enterprises Index of mainland firms listed in the city added 0.1 percent.

E-mini futures on the Standard & Poor’s 500 Index slid 0.2 percent after the underlying gauge yesterday retreated 0.3 percent.