* Risk-takers pause ahead of U.S., China data on Friday
* Tech shares lift S.Korea, Taiwan stocks
* Euro recovers after hitting 1-month low vs dollar
(Repeats story to more subscribers)
By Kevin Plumberg
HONG KONG, Dec 9 (Reuters) - Japan led a slide in Asian
stock markets on Wednesday as worries about the strength of a
global recovery prompted investors to trim some bets ahead of
the year end, while the euro picked up from a one-month low on
bargain hunting.
Major European stocks were expected to open roughly steady,
according to financial bookmakers, after a 1.6 percent decline
in the FTSEurofirst 300 index <> on Tuesday after
Greece's sovereign credit rating was downgraded.
Focus among investors was shifting from disappointing U.S.
results and debt rating concerns to November U.S. retail sales
and a deluge of Chinese economic data due on Friday to gauge
how strong the global recovery really is.
Though a large downward revision to Japanese economic
growth in the third quarter was not expected to herald another
recession, it was a sobering reminder of how weak demand and
deflation are hounding Asia's largest economy. []
"Japan's GDP data came in below expectations, and this does
give the impression that things aren't looking too good for the
economy just down the road," Noritsugu Hirakawa, a strategist
at Okasan Securities in Tokyo.
Japan's Nikkei share average finished 1.3 percent lower,
down a second day after a blistering rally in the first week of
December lifted the index to its highest in about five weeks.
The MSCI index of Asia Pacific stocks outside Japan slipped
0.6 percent <.MIAPJ0000PUS>, with the materials sector the
biggest drag.
The Thomson Reuters index of Asia ex-Japan equities was
also down 0.6 percent <.TRXFLDAXPU>.
Stock markets in both South Korea <> and Taiwan
<> bucked a declining trend and rose 0.4 percent.
Exporters in both economies have been adding to market share
and have seen exports grow on an annual basis in November for
the first time in more than a year.
The euro traded in a narrow range after a three-day decline
against the U.S. dollar. It was steady at $1.4703 <EUR=>.
Greece's rating downgrade gave dealers enough of a reason
to push the euro to a one-month low below $1.4680, but dealers
in the Asian session were quick to support it. []
Since hitting a 15-month low on Nov. 26, the ICE Futures
U.S. dollar index <.DXY>, a measure of its value against six
other major currencies, has risen 3 percent. The index was
steady on the day at 76.235.
Government bonds in the region rose as money flowed from
falling equity markets and investors chose safety after Moody's
cut ratings on six government-run companies in Dubai.
"The news increased nervousness surrounding Dubai, with its
credit default swaps widening, but we continue to believe that
any major problems there will be of local or regional nature
and will not shake global markets," Dariusz Kowalczyk, chief
investment strategist with SJS Markets in Hong Kong, said in a
note.
Ten-year Japanese government bond futures rose 0.3 point to
140.36 <2JGBv1>, withing striking distance of a 20-month high
reached on Dec. 1.
U.S. crude futures rose 73 cents to $73.15 a barrel <CLc1>
after industry data showed a surprise drawdown in U.S.
inventories, after a five-session streak of losses chopped $6
off oil prices.
(Additional reporting by Elaine Lies in TOKYO; Editing by
Neil Fullick)
