RPT-GLOBAL MARKETS-Econ crisis rears its head, Asia stocks drop

* Technology shares sink after Intel warning reverberates

* Crumbling sentiment on risk hits emerging market currencies

* Oil takes breather near $43 after 12 pct drop overnight (Repeating to more subscribers)

By Kevin Plumberg

HONG KONG, Jan 8 (Reuters) - Asian stocks and emerging market currencies fell on Thursday, after dire U.S. private employment data and fears about corporate earnings cooled investor willingness to take risks for higher returns.

Major European stocks markets were expected to fall as much as 1.2 percent, according to financial bookmakers, following a 3 percent drop in U.S. stocks overnight.

The financial crisis of 2008 has snowballed into a global economic crisis in 2009, with consumer spending crippled, Asian exports collapsing and unemployment rising at an alarming rate.

"We saw a bit of hope earlier that the world may be in for a quick recovery, but the reality is there are still a fair bit of problems in markets," said Lucinda Chan, division director at Macquarie Equities in Australia.

Hopes that fiscal stimulus measures will support global growth, which fed the recent stock market rallies around the world, have been tempered by the cold, hard economic reality.