Most Asian currencies moved in a tight range on Monday, taking little advantage of a softer dollar amid growing concerns over a slowdown in U.S. economic growth.

Asian stocks fell sharply on Monday, extending last week’s losses amid growing fears of a U.S. economic slowdown, with Japanese markets set to enter a bear market from their July record highs.

Oil prices rose slightly in Asian trade on Monday as heightened tensions in the Middle East kept some concerns over supply disruptions in play, although gains were limited by fears of slowing economic growth.

Share markets tumbled and bonds rallied in Asia on Monday as fears the United States could be heading for recession sent investors rushing from risk assets while wagering interest rates will have to fall rapidly to rescue growth.

Manufacturers across the United States, Europe and Asia turned in a weak performance last month as factories grappled with tepid demand, surveys showed on Thursday, raising the risk of an underpowered global economic recovery.

 Oil prices rose in Asian trade on Friday but were headed for a fourth straight week of losses as concerns over slowing economic growth and demand largely offset a brief boost from worsening tensions in the Middle East.