Asian stocks slip after rally as MSCI index falls 0.7%

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.