The MSCI Asia Pacific Index slipped 0.9 percent to 119.23 as of 5:01 p.m. in Tokyo, extending its 2016 retreat to 9.7 percent. Material and energy companies led losses on the benchmark gauge on Wednesday, with Australia’s S&P/ASX 200 Index falling 2.1 percent. U.S. crude slid 2.6 percent, extending a 4.6 percent loss last session, after Saudi Arabia said a recent agreement to freeze output won’t lead to production cuts, while Iran called the deal “ridiculous.”

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