Stocks are looking at another decline on the open this morning. The latest corporate scandal may be an old one, but it is still grabbing attention. The Wall Street Journal reported that Xerox Corp. may have improperly accounted for US$6 billion in sales over the past five years.

The U.S. dollar is weaker against the euro and yen this morning on negative trader sentiment to the U.S. economic recovery.

In economic news, it was reported that U.S. personal spending dropped 0.1% in May. However, incomes increased 0.3%. The numbers indicate that Americans may actually be saving their money rather than spending it, which is positive in the long run, but doesn’t augur well for recovery.

In Canada, April GDP was reported another 0.8% higher in the month. This is the seventh consecutive monthly advance and the single largest monthly gain since early 2000.

In Europe, stocks are generally recovering so far today. It was reported that Europe’s inflation rate slipped in June, allowing the European Central Bank to keep rates on hold. The FTSE is up 73 points to 4,614. The CAC 40 has gained 91 points to 3,833. The DAX gained 61 points to 4,321.

Stocks also finished the week higher in Asia. The Nikkei added 360 points to 10,622. The Hang Seng gained 81 points to 10,599.

In other news, O&Y Properties Corp. announced that it is renewing its normal course issuer bid for its 5.9% convertible debentures.