GLOBAL MARKETS-Economic crisis fears return, drag on Asia stocks

* Tech shares selloff after Intel warning reverberates

* Crumbling sentiment on risk hits emerging market currencies

* Oil takes breather at $42.75 after 12 pct drop overnight

By Kevin Plumberg

HONG KONG, Jan 8 (Reuters) - Asian stocks and emerging market currencies fell on Thursday, with a recent rebound in investor willingness to take risks jeopardised by dire U.S. private employment data and fears about corporate earnings.

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.

Global equity markets snapped a 10-day rally on Wednesday after a report showed the U.S. private sector shed 693,000 jobs in December, increasing chances the U.S. payrolls report due on Friday will reflect greater job losses than the expected 500,000.

Discomfort with risk taking this time around has not triggered a wholesale move into government bonds, with U.S. Treasuries and Japanese government bonds under pressure on concerns about how much demand investors will have for the slew of fresh issuance needed to finance massive government resuce programs.