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Asia stock markets fell on Wednesday to two week lows amid growing fears of a U.S. and European recession. Japan's Nikkei fell (-4.7% to 13099) sharply, hit by fresh concerns in Europe and the U.S. after the U.S. services sector slowed to levels not seen since the 2001 recession. Exporters such as Canon slumped on the dimming outlook for Asian exports, along with regional financial firms. Australian shares dropped, led by mining goliath BHP Billiton, whose stock plunged after its hostile mega-bid for rival firm Rio Tinto. China's state-owned aluminium firm Chinalco and its U.S. partner Alcoa who recently took a defensive stake in Rio, said they'd sit back for now. Trading was thin across Asia with markets in Taiwan, South Korea and China already closed for the week in a bleak start to the Lunar New Year break. Hong Kong stocks dropped as nervous investors cashed out ahead of the Chinese New Year break, hitting finance and export plays. Shares of Chinalco's listed subsidiary slid 7 percent after BHP Billiton's bid, on concerns of a pricey counteroffer. Gold though glimmered amid the gloom, rebounding from a two week low a day earlier. James Pomfret reporting for Reuters COMPANIES MENTIONED: SYMBOLS: