Stocks are expected to open down this morning, on little more than the sense that the latest rally has run out of steam. Stocks in Europe are sliding after yesterday’s weak session in the United States.

In economic news, the European Central Bank left its interest rates unchanged at 4.5%. Fears of inflation in a slowing economyis keeping the ECB on hold. It was also reported that France and Germany experienced slower-than-expected growth in the first quarter of 2001.

European stocks are down on the news, led by blue chip, old economy stories such as drugs and miners. The FTSE has shed 34 points this morning to 5,943. The CAC 40 is down 22 points to 5,672. The DAX has dropped just six ticks to 6,265.

Overnight in Asia, stocks were moderately weak,too. The Nikkei lost 24 points to 14,068. The Hang Seng is down 39 points to 13,839.

In business news, today MGI Inc. named Rocco Rossi as its new president and COO. It also appointed a new CFO and announced that it has substantially completed major cost reductions previously announced. The cuts are designed to bring expenses down by 20%. The company will record a restructuring charge of approximately $3.5 million in the first quarter ended April 30, and expects to meet current profit targets.