Stocks look set to fall Friday morning following the release of more weak U.S. economic data. Corporate news this morning has also been on the glum side.

Walt Disney Co. is down after it indicated that its profits may weaken. AOL Time Warner is softer. And, U.S. health insurer, Cigna Corp., saw its profits fall.

The disappointing data is on the jobs front, although it wasn’t much of a surprise to many traders. It was reported that the U.S. added a mere 6,000 Jobs in July. The unemployment rate remains at 5.9%. The weak hiring picture indicates that the recovery might be grinding to a halt.

Also, U.S. personal spending rose 0.5%, and incomes were up 0.6% in June. The strong income increase was the one bright spot that some economists saw in this morning’s data.

In Canada, the Quarterly Business Conditions Survey was released, showing a positive economic outlook for the third quarter. Producers indicated that inventories were under control, orders were still coming in and production should continue at about the same pace as in the second quarter. Almost 80% indicated that finished product inventory levels were about right. About 75% expect to maintain the same production levels for the next three months, and 86% reported their workforce would remain the same or increase. The vast majority of manufacturers indicated they were still satisfied with both current levels of new orders and unfilled orders.

In Europe, the markets are mixed so far. Bank earnings continue to disappoint, with weakness in the reports of both Societe Generale SA and Lloyds TSB Group plc.

Siemens AG announced that it is cutting 5,000 jobs. European consumer confidence was also reported lower for July. On this news, the FTSE is still up nine points to 4,053. The CAC 40 has dropped three ticks to 3,238. The DAX is down 26 points to 3,580.

Overnight in Asia, markets were weaker. The Nikkei dropped 84 points to close the week at 9,710. The Hang Seng dropped 188 points to 9,992.

In M&A news, Placer Dome expressed disappointment in AurionGold’s decision not to support its takeover offer. It pointed out that the revised offer now includes cash and that no other bidders have emerged for the firm.

In earnings news, Four Seasons Hotels Inc. reported second quarter net earnings decreased 35.7% to $18.1 million, as compared to $28.2 million for the comparable period in 2001.

Amvescap plc reported that its profit before tax, goodwill amortization and exceptional items fell by 30% during the second quarter of 2002 to £95.1 million.

Linmor Inc. announced that its net loss for the latest quarter was $2,066,720.