ECONOMY & MARKETS

Asian markets fell this week as they succumbed to the pressures of the euro zone debt crisis and the economic data about the U.S. missing estimates. The Chinese Shanghai Index dropped 2.1 percent and the Japanese Nikkei fell 3.8 percent. Hong Kong's Hang Seng Index plunged 5.1 percent and India's BSE Sensex slumped 0.86 percent.

World stock markets fell Friday, slammed by ratings cuts for Greece and five of its banks, which were announced ahead of a crucial Group of 8 summit this weekend. While Facebook's much-anticipated initial public offering provided a temporary distraction for traders, its first-day performance concluded with more of a whimper than a bang.

The U2 front man is a partner in Elevation Partners, a private equity firm that owns a little more than 2 percent of Facebook. That's $1.3 billion, but not all of that money may be Bono's.

The ratio of bad debt held by Spanish banks increased in March and hit an 18-year high of 8.37 percent, or $187.5 billion, the country?s central bank announced on Friday. The number of nonperforming loans with payments that are 90 days overdue is now about 10 times larger than it was during the peak of the property boom in 1997.

Shares of Facebook (Nasdaq: FB), the No. 1 social network that raised $16 billion in its initial public offering, the biggest in Internet history, soared more than 10 percent but closed up by only a fraction.

Air India is poised to get its first installment of Boeing 787 Dreamliner aircraft by the end of this month even as the crisis in the national carrier, caused by the pilots, continues.

The companies whose shares are moving in pre-market trading on Friday are: ACADIA Pharmaceuticals, Osiris Therapeutics, Morgan Stanley, Salesforce.com, Banco Santander, First Solar, JPMorgan Chase, Aruba Networks, Tata Motors and Carnival Corp.

A highly popular tranche of municipal debt issues is likely to feel the sting of a multi-notch ratings downgrade soon, a Wells Fargo credit strategist warned. The downgrade would wreak havoc on the portfolio strategy of a substantial number of investors in tax-exempt debt, and would also likely have noisy political repercussions in Puerto Rico, the municipality whose bonds are in the crosshairs.

Futures on major U.S. indices point to a slightly higher opening Friday ahead of the commencement of public trading of Facebook.

Asian stock markets slumped Friday as renewed concerns over euro zone crisis and lackluster economic data from US dented investor sentiment.

Asian stock markets tumbled on Friday, following an overnight slump on Wall Street as weaker-than-expected U.S. economic data and a deepening euro zone crisis dampened sentiment.

Asian shares fell steeply Friday after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investors.

Rating agency Moody's Investors Services sent yet another shockwave down the spine of the European financial industry on Thursday afternoon, downgrading 16 Spanish banks after equity markets had closed in New York.

Facebook (Nasdaq: FB), the No. 1 social network, raised $16 billion in its initial public offering, the biggest in Internet history, valuing its shares at $38.

European stocks lost big Thursday as Greek banks were cut loose from European Central Bank support and Spain's borrowing costs kept skyrocketing. The head of the International Monetary Fund, Christine Lagarde, also warned today of the extremely expensive consequences of Greece leaving the currency bloc.

New York Gov. Andrew Cuomo won a major boost this week after suburban and upstate voters approved 99 percent of their school budgets, most of which adhered to the Democratic governor?s new property tax cap.

U.S. 30-year fixed-rate mortgages hit a new record low for the third straight week as concerns over the euro zone weighed on the economy, mortgage financier Freddie Mac said Thursday.

More Americans than expected filed for jobless benefits last week, echoing comments in the minutes of the April Federal Open Market Committee meeting that suggested policymakers feel unsure about the true state of the labor market.

The companies whose shares are moving in pre-market trade Thursday are: Millennial Media, Herbalife, Ctrip.com International, Cameco Corp, J.C. Penney, Wal-Mart Stores, Wal-Mart Stores, Limited Brands and JPMorgan Chase & Co.

Futures on major U.S. indices point to a flat opening on Thursday ahead of economic data including weekly jobless claims

Asian markets rose Thursday as the economic growth reported by Japan and possible additional monetary stimulus from Federal Reserve to spur growth of the US economy offset the increasing concern of Greece leaving the euro zone.

Asian stock markets advanced Thursday after the heavy sell-off in the previous session. Better-than-expected economic data from U.S and Japan offset ongoing uncertainty about Greece's political situation.

Asian shares steadied Thursday from the previous day's selloff, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.

General Motors Company (NYSE: GM) rocked the automotive and advertising worlds with its announcement Tuesday that it will stop buying advertisements on Facebook Inc. (Nasdaq: FB), a value of roughly $10 million a year, on the eve of social networking site's monster IPO. The rest of the automotive industry's major players are not following suit, though, Ford Motor Company (NYSE: F), banking on the strength of the network effect, is actually upping its investment.

Federal Reserve policymakers seemed more likely Wednesday to recommend further monetary easing than just a month ago, as minutes of a Fed rate-setting panel detailed shaky faith in recent indicators of economic recovery.

Greece continued to weigh heavily on confidence Wednesday as bank customers there began sending cash out of the country or hiding it under their beds -- this despite hints from German Chancellor Angela Merkel that a stimulus would be forthcoming if the country stuck to its austerity commitments.

The growing possibilities of an imminent Greek exit from the single currency bloc could drive up the value of safe-haven currencies such as the U.S. dollar and the British pound, while hurting a number of emerging Asian currencies that are sensitive to investors' risk appetite.

General Electric Co. (NYSE: GE) said it would buy two mining equipment companies as it seeks to expand in the $61 billion global mining supplier industry.

The surge in people killing themselves can be directly linked to ?increased insecurity and uncertainty for the future.?