Asian stocks slip after rally as MSCI index falls 0.7%
Business
Asian stocks took a breather on Thursday, slipping after a big rally earlier on Thursday.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.7%, with Japan, South Korea, China, and Hong Kong markets all seeing small declines as investors cashed in some profits.
Wall Street jumps, oil worries rise
The cool-off came right after Wall Street had a strong day; the S&P 500 and the Nasdaq both jumped, thanks to solid company earnings even as energy prices climbed.
But fresh worries about rising oil prices and tensions in the Middle East (after Iran seized two ships) made investors nervous, leading to more cautious trading across global markets.