Stocks are expected to open on a weak note today. There will be some buyers following a lackluster performance on Friday. But selling is expected to predominate ahead of more profit warnings and Oracle Corp’s profit report, coming today, after the market close.

London’s equity market is struggling to find a clear direction today. It seems the summer holiday season has begun in earnest. Wall Street offered negative leads on Friday, with both the Dow Jones industrial average and the NASDAQ composite index falling slightly.

At midday, in Europe, London’s FTSE sits at 5694.90, down 0.5%. The Paris CAC 40 is down 0.4% to 5220.76. Overnight, in Asia, the Hang Seng dropped 1.2% to 12948.70. The Nikkei 225 slipped 0.7% to 12697.70.

Inflation in the 12-nation euro-zone climbed to 3.4% in May. This is a surprisingly strong increase, pushing the rate above 3% for the first time since the European single currency was launched at the beginning of 1999.

The European Central Bank is widely expected to leave rates unchanged when it meets Thursday in Dublin. Economists say it is worrying for the ECB that core inflation, which excludes energy, food, alcohol and tobacco, also rose sharply, to 2.1% in May from 1.9% in April. But analysts say there are signs that inflation may have peaked in May and could be coming down.

In business news, Bombardier Aerospace has signed a deal to supply 50 regional jets to a German leasing company for $2.25 billion. It has an option for 30 more at $1.5 billion. The memorandum of understanding involves Deutsche Operating Leasing AG and Deutsche Structured Finance. Bombardier announced it today at the Paris Air Show.