In light of WorldCom Inc. filing for bankruptcy yesterday, the biggest bankruptcy in U.S. history, traders are expecting a rough day, today

In Europe, stocks are down after a handful of firms, including insurer Aegon NV and Hugo Boss AG, issued profit warnings. The FTSE is down 52 points to 4046. The CAC 40 dropped 81 points to 3243. The DAX is down 107 points to 3785.

Overnight in Asia, stocks were weaker. The lower Yen helped limit the Nikkei to a 13 point loss, closing at 10189. The Hang Seng shed 215 points to 10110.

Counsel Corporation is reporting that it has completed the acquisition of five shopping centers, since the beginning of July The total purchase price of the properties was approximately $54.5 million.

In earnings news so far, 3M Co. reported that its second-quarter earnings more than doubled. Slocan Forest Products Ltd. announced that its net earnings for the second quarter of 2002 were $43.4 million, compared with first quarter of 2002 net earnings of $8.5 million.

IPSCO Inc. says its second quarter net income was $1.2 million, compared to a loss of $3.4 million in the prior quarter. The improvement in earnings over the first quarter was driven by manufacturing cost decreases, and slightly higher selling prices, with record sales, record shipments, and record production levels.

In M&A news, Conoco Canada Resources announced that approximately 73.5% of the outstanding shares in takeover target Gulf Indonesia have been tendered to its offer. It has extended the offer to July 30.