Stocks are expected to open higher this morning, although tech issues look modestly weaker.

The techs are being hurt by negative comments from Merrill Lynch on wireless telecom companies.

As well, Infineon Technologies AG, Europe’s second-biggest chipmaker, has announced that it is raising US$890 million in debt, after saying earlier that it didn’t need any cash. This sort of news is souring traders on techs a bit.

Weakness in techs and telecoms has European stocks down today, led by Nokia Oyj and Ericsson AB. In London, the FTSE is down 30 points to 5,263. In Paris, the CAC 40 has dropped 20 points to 4,596. Germany’s DAX is down six ticks to 5,226.

Stocks were weak in Asia, following yesterday’s U.S. selloff and renewed pessimism surrounding the Japanese economy. The yen fell sharply overnight, and the Nikkei dropped 247 points to 10,696. In Hong Kong, the Hang Seng gave up 179 points to 11,714.

In business news, Celestica Inc. has received a five-year deal from NEC Corp. for about US$2.5 billion.

Also, IMAX Corp. announced that it and its wholly owned subsidiary Mitey Cinemas, Inc. have purchased an additional $42 million in face value of IMAX’s convertible notes. The company has now retired approximately $90 million of the original $100 million issue.