The early morning futures market was down deeply again. Despite a rally late yesterday, fear about corporate sector troubles is driving trading downward. WorldCom Inc. failed to make a US$74 million interest payment, which was due yesterday. And Intel Corp. is planning to cut jobs, sending that stock lower.

Traders are also watching testimony by Federal Reserve Chairman Alan Greenspan in Congress today. They’re hoping he’ll say something to revive flagging spirits.

Here in Canada, the Bank of Canada has met the market’s expectations by hiking interest rates 25 basis points this morning.

In Europe, the weaker U.S. dollar and stronger Euro continues to whack European exporters. The London FTSE is down 76 points to 3918. The Paris CAC 40 is down 65 points to3259. The German DAX is down just 12 points to 3900.

Overnight in Asia, stocks were also notably weaker. The Nikkei lost 125 points to 10250. The Hang Seng gave up 160 points to 10421.

In business news General Motors reported that its second quarter profit more than doubled to US$1.3 billion on stronger sales. Merrill Lynch’s profits rose for the first time in six quarters. Wells Fargo’s profits rose to US$1.4 billion. Johnson & Johnson’s profit is up 12%. Nextel Communications Inc. has raised its forecasts.

Alcan Inc. reported second quarter earnings of US22¢ per share compared to US23¢ in the second quarter of 2001. Net income was US46¢ per share compared to US41¢ in the second quarter of 2001.

Ballard Power Systems Inc. has announced the appointment of Dennis Campbell as president and Chief Operating Officer effective July 22, 2002. Campbell comes to Ballard after a 30-year career, most recently at Home Care Industries, a leading filter system manufacturer where he was president and CEO.