US markets see worst day of 2012 on Greek debt swap fears

US stocks saw their worst day so far in 2012 yesterday as Greek debt swap concerns and fears over global growth put pressure on markets.

The S&P fell 1.54% to 1,343 and the Dow dropped 1.57% to 12,759 as investors scaled back riskier positions following reports of a contraction in Europe's economy, while growth in Brazil missed expectations. Asian stock markets saw similar declines, as investors nervously await the outcome of the much anticipated Greek debt swap on Thursday. Japan's Nikkei 225 fell 0.64% to 9,576 overnight, while the Hong Kong Hang Seng index also fell 0.75% to 20,649 and the MSCI Asia Pacific slid 0.8% to 826.82. Investors are showing concern following news Athens has threatened to default on any o...