Asian stocks edged down from a three-month high and the dollar eased towards three-month lows on Thursday, hit by soft US data that underlined the patchy nature of the US economic recovery. Mixed data on June durable goods orders and a downbeat Federal Reserve take on the economy became the latest in a string of lacklustre indicators to suggest the momentum of the US economic recovery is slowing, broadly dampening investor sentiment. Traders said a move back into riskier assets had cooled a bit after the Fed’s Beige Book of anecdotal reports pointed to a less-than-booming recovery, with sluggish housing markets and sales of costly items such as new cars weakening. Profit-taking is coming to the fore because coupled with worries about the uncertain outlook for the US and European economies, US stocks seem to be peaking, said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo.
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