Asian stocks fell from near seven-week highs on Monday after weak US consumer confidence data overshadowed strong retail numbers and curbed demand for risky assets, keeping the price of oil below $81. Investors were disappointed that Friday's upbeat February retail sales report, which showed spending rose in spite of bad weather, failed to help US stocks to rise, leading the market to focus instead on souring consumer mood. The cautious tone was echoed on Sunday when Chinese premier Wen Jiabao said there was a chance the world economy may slip back into recession, resulting in a double-dip recession. That was enough to lead stock investors to play it safe. Japan's Nikkei gave up earlier gains to slip 0.2 percent from seven-week highs. MSCI's index of Asian shares outside Japan fell nearly 1 percent. “The outlook in the stock market is cloudy,” said Francis Lun, general manager at Fulbright Securities in Hong Kong. “US consumer confidence is still weak and it does not bode well for Asian exporters.”
