Recent strength in the market appears to be weakening at the open Wednesday. After a couple of strong rallies, traders are looking at the market with a bit of nervousness today.

Futures are down after Hewlett-Packard Co. said that corporate spending is still weak.

In other corporate news, Credit Suisse saw its profits down 74% after a weak quarter from CSFB.

Adelphia Communications Corp.’s chairman, CEO and president John Rigas is leaving his posts amid an internal investigation at the firm. This sort of stuff has traders cautious.

In economic news, the U.S. Consumer Price Index rose 0.5% on the headline rate in April, and up 0.3% at the core, excluding food and energy. The report indicates possible signs of stronger inflation.

In Europe, stocks are generally up after the Bank of England raised its growth forecast for that economy. Also, techs such as ASML are bouncing back, and there’s strength in Infineon Technologies AG and STMicroelectronics NV.

The FTSE is up 26 points to 5,265. The CAC 40 has also added 25 points to 4,472. The DAX is down six ticks to 5,043.

Overnight in Asis, markets finally got it together and rallied higher. The Nikkei gained 269 points to 11,643. The Hang Seng gained 148 points to 11,838.

In M&A news, Kingfisher plc is offering US$4.6 billion to take full control of its French affiliate Castorama.

In earnings news, Imagis Technologies Inc. incurred a net loss for the 2002 first quarter of $1,139,502.

IPL Inc. saw net earnings in the second quarter gaining 27.9% to total $2.7 million compared to $2.1 million for the second quarter in 2001.

Newmont Mining Corp had a net loss of $10.9 million. This is compared to a net loss of $39.1 million for the first quarter of 2001.