Tokyo — Asian stocks lost ground on Monday, retreating from more than three-week highs as worries about a global economic downturn sapped investors’ risk appetite.
At the same time, the dollar built on its recovery from a 2½-week low against major peers, supported by demand for the US currency as a safe haven. US S&P 500 emini futures slipped 0.09%, pointing to an extension of the benchmark's 0.93% slump on Friday, when a survey showed business activity contracting for the first time in nearly two years amid persistently heated inflation and rapidly rising interest rates.Nasdaq futures eased 0.04%, after a 1.77% tumble for the tech-heavy stock index, as the bottom dropped out from under Snap after the Snapchat owner posted its weakest-yet sales growth.
The dollar index — which measures the safe-haven currency against six major peers — edged 0.1% higher to 106.81, climbing further from a 2½-week low of 106.10 reached on Friday.The 10-year US Treasury yield was little changed at 2.79% after sliding from as high as 3.083% over the previous two sessions.
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