ECONOMY & MARKETS

A woman’s group has mounted spirited opposition to a prospective nomination of former Secretary of the Treasury Lawrence Summers, 57, to be president of the World Bank.

Interest rates on the 30-year, fixed-rate mortgage rose above 4 percent for the first time since October 2011, following increases in bond yields, Freddie Mac reported.

Japan posted a surprise trade surplus of 32.9 billion yen, or $397.35 million, in February -- its first in five months, amid strong exports to the U.S., the Ministry of Finance said.

Its unique position straddling Europe and Asia and a tumultuous history tell only part of the story of why Russia faces an unprecedented challenge for an industrialized country.

The euro zone slid back into recession in March as output fell for the second quarter running, reaching a new three-month low, according to Markit's Eurozone PMI Composite Output Index on Thursday.

China's factory activities slumped for the fifth consecutive month as weakening domestic demand continued to weigh on growth. Spooked investors moved quickly out of riskier assets while hoping for further easing from Beijing.

Claims for jobless benefits fell to a four-year low of 348,000, a sign that the labor market recovery is picking up steam.

While shipping costs have been recovering over the past month from historical lows earlier this year, rates for the biggest vessels keep falling. Mistrust in the market, bad luck for iron exporters and a slowdown in world steel consumption are to blame.

The top after-market NASDAQ gainers Wednesday were: Alimera Sciences, Shoe Carnival, Origin Agritech, Smith & Wesson Holding, James River Coal and GRAVITY Co. The top after-market NASDAQ losers were: Sonic Corp., Herman Miller, China Lodging Group, Chinacast Education Corp, Intuit Inc and OmniVision Technologies.

High oil prices affect politics, schools, jobs, public budgets and almost every industry. But current pressures could be augmented if war breaks out between Israel or the United States and Iran, with the result being a costly disruption in global supply.

Watson Pharmaceuticals Inc is reported to be closing on the acquisition of Actavis for about $7 billion.

Crude oil prices declined in European trade Thursday as sentiment was dampened after reports indicated a sharp slowdown in the Chinese manufacturing activity in March.

The top aftermarket NYSE gainers Wednesday were: Oxford Resource Partners, Sturm, Ruger & Co, Office Depot, Ethan Allen Interiors, Suntech Power Holdings and Gol Linhas Aereas Inteligentes. The top aftermarket NYSE losers were: Costamare, TRC Companies, Glimcher Realty Trust, Precision Drilling Corp, OfficeMax and Ralcorp Holdings.

A lawsuit that accused Goldman Sachs Group Inc. of defrauding investors was refused dismissal by a federal judge in Manhattan, according to the latest reports.

Recent industry reports suggest that China's corn production in 2011/12 could be as much as 14 percent lower than current official estimates, according to Capital Economics.

Asian shares gave back earlier gains Thursday after data showed China's factory activity shrank for a fifth successive month, underscoring concerns about a growth slowdown in the world's second largest economy.

Asian shares inched up Thursday but remained in ranges as investors waited for manufacturing data from China and the euro zone due during this session for more clues about the state of their economies.

Markets bobbed up and down Wednesday on conflicting data as to what the U.S. economic picture will look like in the near term. Investors spent the day dealing with conflicting sentiments: a less-than-enthusiastic housing report on the one hand, a view that the U.S. economy is generally getting better on the other.

China's skein of trade surpluses and Treasury-buying has run its course and the country will need to begin selling some of its vast holdings of U.S. debt, says Frederick Sheehan, ex-head of asset allocation at John Hancock Financial Services.

Moody's downgraded more than $2.5 billion of Detroit's municipal debt as the city continues to struggle through a prolonged fiscal crisis and the state debates the possible installation of a financial advisory panel or an emergency manager to administer the finances of Michigan's largest city.

Dutch financial giant ING Groep N.V. (NYSE:ING) is selling off its stake in a landmark Polish shopping mall, the company announced Wednesday, in an effort to further minimize its exposure to the European real estate market.

Chancellor's 'work-rewarding' Budget keeps markets content but frustrates Labour leader.

It's almost unthinkable that the U.S. government will continue to sustain current levels of spending, and the reduction will lead to diminished profit margins of companies, asset manager James Montier of GMO writes.

U.S. existing home sales fell to 4.59 million in February, 0.9 percent below upwardly revised sales figures in January, the National Association of Realtors (NAR) said Wednesday.

Tobacco-related deaths have nearly tripled in the past decade and big tobacco firms are undermining public efforts that could save millions, a report led by the health campaign group the World Lung Foundation (WLF) said on Wednesday.

Royal Dutch Shell Plc (NYSE:RDS) signed Wednesday the first-ever production sharing contract with China's state-owned China National Petroleum Corp., or CNPC, as the world's second largest economy seeks to develop its untapped reserves, similar to those that gave rise to the U.S. natural gas boom, with the help of foreign technology.

The companies whose shares are moving in pre-market trade on Wednesday are: L&L Energy, FSI International, Hartford Financial Services, Tecumseh Products, Oracle Corp, Bank of America Corp, Baker Hughes, Perfect World Co, Halliburton Co and ARIAD Pharmaceuticals.

Asia shares continued to fall amid lingering worries about China growth. In Japan, shares declined for the first time in six sessions.

Spike in public borrowing will test Chancellor's resolve as he prepares make-or-break budget statement