Stocks are looking weaker on the open this morning, as profit worries outweigh expectations for economic recovery.

The market also remains on alert for more terrorist attacks after more warnings were issued yesterday.

In Europe, stocks are already down today, led by techs and telecoms. Deutsche Telekom AG, Europe’s biggest telecom company, recorded its sixth consecutive quarterly loss. It is leading the way lower today, with followers such as Ericsson AB and Nokia Oyj in its wake.

The FTSE is down 43 points to 5,154. The CAC 40 has dropped 58 points to 4,341. The DAX is down 46 points to 4,939.

Overnight in Asia, stocks gained on brighter economic prospects there, although the yen was weakening. The Nikkei gained 161 points to close at 11,962. The Hang Seng added 42 points to 11,795.

In M&A news, C.I. Fund Management Inc. is buying Spectrum Investment Management, the mutual fund subsidiary of Sun Life Financial Services of Canada Inc., and the mutual fund subsidiary of Clarica Life Insurance Co. Sun Life will receive 74 million common shares of CI in the deal, representing 30% of the firm. A 20% interest will be issued on closing, and the remainder will be in the form of non-voting preferred shares convertible into CI common shares.

In earnings news, MFC Bancorp Ltd. reported net income for the first quarter 2002 increased to $6.3 million, compared with $5.1 million in the same quarter last year.