Asian markets lower on Greece jitters

Asian markets slipped for a third straight day Wednesday as dealers nervously await Greeces crucial debt swap while sentiment was also hit eurozone officials saying the region was in recession.The yen continued a rebound from recent losses as risk-aversion returned to the trading floors, while worse-than-expected Australian growth added to the glum atmosphere.Tokyo was 0.74 percent lower by the break, Hong Kong lost 0.91 percent, Sydney was 0.89 percent off, Shanghai shed 0.39 percent and Seoul gave up 0.88 percent.Global shares have been falling all week following Chinas announcement that it was expecting growth to slow further this year due to a fall in exports caused by slackening demand in the key US and European markets.But attention is now focused back on Europe, where investors are hoping enough of Athens private creditors sign up for the debt swap -- essentially a 107-billion-euro ($140 billion) writedown of their bonds.The plans success is a key condition for a 130 billion euros rescue package to save Greece from a debt default and avoid another potential global crisis.As Greece battles for its eurozone survival the rest of the bloc is also suffering, with data Wednesday showing the economy shrank 0.3 percent in the fourth quarter of 2011.EU statistics office Eurostat, which issued the figures, also revised down growth for the previous three months to 0.2 percent from 0.3 percent.Eurostat also said the eurozone grew 1.4 percent last year, less than the previously estimated 1.5-percent growth, and an expansion of 1.9 percent in 2010.The figures track a slowdown at least from the middle of last year, and on Tuesday the EUs Economic Affairs Commissioner Olli Rehn said in Paris: The euro area is currently in a mild recession.Global troubles have also started to affect Australia -- which has fared relatively well in the face of continued headwinds -- as Canberra said the mining-driven economy grew slower than expected in October-December.Data from the Australian Bureau of Statistics showed on-quarter growth of just 0.4 percent in the final three months of 2011, compared with an expectation of 0.8 percent.The string of sour news has sent currency dealers looking for safer investments, sending the euro and dollar lower against the yen.In early Asian trade the euro bought $1.3117 and 105.74 yen, against $1.3113 and 106.06 yen in New York late Tuesday. The dollar fell to 80.63 yen from 80.88 yen.And the Australian dollar dived to a six-week low of 105.24 US cents, compared with 106.00 on Tuesday.Oil prices rose slightly after seeing big falls in New York.New Yorks main contract, West Texas Intermediate crude for delivery in April, gained 18 cents to $104.88 a barrel while Brent North Sea crude for April was up six cents at $122.04.Gold was at $1,677.40 an ounce at 0310 GMT, compared with $1,686.45 late Tuesday.