Discouraging economic data from around the globe have heightened fears that another recession is on the way.Fresh evidence emerged Thursday that U.S. home sales and manufacturing are weakening. Signs also surfaced that European banks are increasingly burdened by the region's debt crisis and sputtering economy.

World stocks rose on Friday, supported by a weaker dollar as investors took the view after weak U.S. economic data this week that the Federal Reserve will be slow to raise interest rates.Equities have gained this week as risk aversion eased, while commodities regained some stability after a sharp sell-off earlier in May, but mixed economic data has capped advances.

I just got off the phone with several frightened, somewhat dazed survivors of the Japanese earthquake who work in the financial markets, and I thought it important to immediately pass on what they said. Some were clearly terrified.

In Chicago today, visiting Chinese President Hu Jintao will see a city famed as the birthplace of the skyscraper, for decades the towering symbol of U.S. economic ambition and power. These days, China has taken over as the skyscraper's home.