U.S. stocks retreated on Tuesday from a global equities rally spurred by speculation Beijing would boost stimulus efforts, but a renewed drop in U.S. oil prices raised a cautionary flag.

Stock markets from Asia to Europe, and initially on Wall Street, had jumped on Chinese gross domestic product data that showed the slowest growth last year in a quarter century.

Shares in Europe rose more than 1 percent, while MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 1.6 percent.

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