By James Langton

(March 22 – 09:00 ET) – Markets are expected to open down again today. Profit concerns are pummeling stocks in Europe and in the U.S. futures market.

Micron Technology Inc. is down after delaying its earnings release. Other techs are weak today, but the broader market looks weaker. Sentiment wasn’t helped by the news that Procter & Gamble Co. is cutting 9,600 jobs, or 9% of its workforce.

In economic news, U.S. initial jobless claims fell slightly last week. In Canada, the leading indicator was reported up slightly, by 0.1% in February, after revisions moderated the declines in December and January to 0.1% and 0.2%, respectively. Half of the 10 components rose, four fell and one was unchanged. In February, increases in housing and in services outweighed continued losses in the stock market and in manufacturing.

In a surprise move this morning the Swiss National Bank cut interest rates 25 basis points, as it views the threat to its economy from the global slowdown.

European stocks are down heavily after a slew of companies issued profit warnings. Zurich Financial Services AG warned its profits will slump this year, and its shares are down 22%. France Telecom SA reported a loss based on its purchase of the U.K. mobile phone business Orange plc. In London, the FTSE is down 125 points to 5,415. In Paris, the CAC 40 is off 139 points to 4,884. Germany’s DAX has dropped 169 points to 5,453.

Overnight in Asia markets also took it on the chin. In Japan, after rising more than 7% yesterday, the Nikkei dropped 250 points to 12.854. In Hong Kong, the Hang Seng sheared 533 points off its levels to close at 12,622.

In earnings news, Zi Corp. reported a wider loss for fiscal 2000, dropping 33¢ a share, compared to an 18¢ a share loss in the prior year.