(Bloomberg) —Asian shares retreated as crude oil tumbled into a bear market on concern a global supply glut will persist. Futures on China’s equities pointed higher after MSCI Inc. added the nation’s domestic stocks to its emerging-markets index.

Australian equities led losses in the region, with energy shares falling more than 2 percent, after the biggest decline in the S&P 500 Index since May 17. Oil edged higher after sliding to the lowest level since November on Tuesday, bringing it down more than 20 percent from the year’s high. Gold rose after a five-day selloff, while the dollar was steady after a two-day advance.

The MSCI decision will add 222 China A-share stocks starting in May 2018. The nation’s $6.8 trillion onshore market is the world’s second largest and accounts for 9 percent of global stock value, but had been rejected for index inclusion three times by MSCI over issues including capital controls and long trading halts.

The index provider delayed its decision on the status of Argentina’s equities, dealing a blow to investors as bearish bets on the Merval benchmark index jumped to a high and Argentine shares in the U.S. plunged. MSCI also will consult on the possible inclusion of Saudi Arabia in the index.

The swoon in oil dragged down driller shares amid concern that unceasing production from U.S. shale fields is overwhelming OPEC efforts to ease a global supply glut. The weakness in crude and other commodities dents arguments from American central bankers that weak inflation rates will be transitory, even as the economy shows few signs of distress and haven assets have not been in demand.

Stocks had barreled to fresh highs after a series of geopolitical concerns seems to have faded, though formal negotiations over Britain’s exit from the European Union began somewhat contentiously.

Here are some of the key upcoming events:

Still to come on the Fed speaker list: Eric Rosengren, Robert Kaplan, Jerome Powell, James Bullard and Loretta Mester. BOJ Governor Haruhiko Kuroda will speak in Tokyo and ECB board member Benoit Coeure speaks in Frankfurt on Wednesday. Malaysia is expected to report that inflation slowed in May. New Zealand’s central bank is expected to leave its benchmark interest rate at a record low when it meets on Thursday.Read our Markets Live blog here.

Here are the main moves in markets:

Stocks

Australia’s S&P/ASX 200 Index lost 1.2 percent at 10:02 a.m. in Tokyo, with BHP Billiton Ltd. and Rio Tinto Ltd. sliding at least 2.6 percent. Japan’s Topix fell 0.1 percent and South Korea’s Kospi dropped 0.5 percent. Futures on the FTSE China A50 index climbed 0.6 percent. Contracts on Hong Kong’s Hang Seng were down 0.5 percent in more recent trading. ADRs for YPF SA, Argentina’s state-run oil producer, slumped 10 percent in after-hours U.S. trading amid disappointment over MSCI’s decision. Grupo Financiero Galicia SA lost 5.8 percent. Contracts on the S&P 500 dropped 0.1 percent. The gauge’s drop on Tuesday was led by energy stocks and consumer discretionary producers, which slumped 1.3 percent. The Stoxx Europe 600 erased a gain to end 0.7 percent lower.

Commodities

West Texas oil climbed 0.5 percent to $43.45, after tumbling 2.2 percent on Tuesday and touching the lowest since August. Gold rebounded 0.2 percent to $1,245.07 an ounce, after falling for five straight days.Currencies

The yen rose 0.1 percent to 111.37 per dollar, after gaining 0.1 percent on Tuesday. It had retreated 0.6 percent the previous session. The Bloomberg Dollar Spot Index was flat after rising 0.3 percent on Tuesday and 0.4 percent the previous day. The measure touched the lowest level since October last week. The British pound was little changed at $1.2625, after Tuesday’s 0.8 percent drop. Bank of England Governor  Mark Carney said he is still worried about the impact of Brexit on the economy.Bonds

The yield on 10-year Treasuries rose one basis point to 2.16 percent, after falling three basis points on Tuesday. Australian 10-year yields declined two basis points to 2.40 percent.

To contact the reporter on this story: Garfield Reynolds in Sydney at greynolds1@bloomberg.net To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net Jeff Sutherland