Equities dip as commodity prices seek lower levels

Chinese stocks declined for the first time in eight days, led by automakers and commodity producers, as investors speculated the recent rally was overdone and metal prices dropped.

The Shanghai Composite Index dropped 21.38, or 0.7 percent, to 2,924.88 at the close, snapping a seven-day, 10 percent advance that was the longest in four months.

"The market needs a break after so many days of gains," said Larry Wan, Shanghai-based deputy chief investment officer at KBC-Goldstate Fund Management Co. "With the economic data coming tomorrow, some investors chose to lock in profits."