Stocks appear to be facing a slight down open this morning. Downward earnings guidance from Compaq Computer Corp. last night is hurting hopes for profits today.

A decision on rates from the U.S. Federal Reserve is expected for about 14:15 ET this afternoon.

Traders are expecting another 50 basis point drop to 2.5%, the lowest U.S. rate since 1962.

European stocks are sliding today, with media stocks leading the way down. Poor global ad spending is hitting the bottom line at media firms.

As well, French consumer confidence was reported at its lowest level in three years. The FTSE is down 32 points to 4,754. The CAC 40 has dropped 62 points to 3,943. The DAX is down 40 points to 4,200.

Despite the weakness everywhere else, Asian markets appear able to shake it all off. The sliding yen in the face of the Japanese recession is boosting those markets. The Nikkei gained 164 points last night to 10,137. Hong Kong’s markets were closed.

In M&A news, Bayer AG is buying Aventis CropScience from Aventis SA and Schering AG for US$6.7 billion, including US$1.9 billion in assumed debt, to become the biggest maker of insecticides.

Suncor Energy Inc. released third quarter guidance today, showing operating earnings are expected to be about 30% less than the second quarter, and net earnings are seen down 60%.