HONG KONG: Asian markets were mixed on Thursday as the Greek crisis continued to cast a shadow, while dealers got some upbeat news in data showing Japan's economy grew faster than expected.
The euro also edged back up after plunging to four-month lows against the dollar on Wednesday, with investors increasingly nervous that Athens will eventually exit the Eurozone.
Tokyo fell 0.20 per cent by the break, giving up early morning gains under pressure from Europe's woes, and Sydney fell 0.46 per cent.
Hong Kong added 0.63 per cent, Shanghai climbed 0.72 per cent and Seoul was 0.55 per cent higher.
The region took a breather from the recent sell-off caused by May 6 polls in Greece and France that saw a massive backlash against austerity measures.
“We've seen quite a retreat since last Monday (May 7), and people are asking when it will bottom out, and we are seeing a bit of that now,” said Justin Harper, market strategist at IG Markets.
In Greece a senior judge was named prime minister and charged with holding fresh elections after more than a week of talks between party leaders failed to muster a coalition.
Economists fear the deadlock -- and elections next month are likely to see anti-austerity parties succeed -- will eventually mean Greece will not qualify for more bailout money, and in turn default and leave the Eurozone.
In Japan the government released data showing the economy grew a faster-than-expected 1.0 per cent on-quarter in the January-March period, indicating a slow recovery boosted by reconstruction from last year's earthquake tsunami.
On currency markets the euro rebounded from Wednesday's sell-off, buying $1.2744 and 102.32 yen in early Asian trade Thursday, slightly up from $1.2715 and 102.13 yen in New York late Wednesday.
The unit had sunk to $1.2681 in Europe Wednesday -- its lowest since mid-January -- and 101.95 yen.
The dollar was at 80.30 yen from 80.32 yen.
Wall Street was unable to hold on to early advances as Athens' turmoil trumped improved figures on April industrial production and new home construction.
The Dow fell 0.26 per cent, the S&P 500 dropped 0.44 per cent and the Nasdaq slipped 0.68 per cent.
Oil was mixed, with New York's main contract, West Texas Intermediate crude for delivery in June up 42 cents to $93.23 per barrel while Brent North Sea crude for July shed 30 cents to $109.45.
Gold was at $1,547.50 an ounce at 0315 GMT, compared with $1,535.82 late Wednesday.
