Stocks are facing a weak opening this morning as U.S. traders return to work facing weak earnings from European tech companies.

Stocks such as Cisco Systems Inc. and Nortel Networks are pointing down after shares of UK telecom giant, Marconi plc, dropped more than 50%. The firm surprised markets with news that its earnings will be down by half because of weak demand.

This was followed by an earnings warning from Dutch chip firm, ASML Holding NV. Its troubles are spreading profit pessimism throughout the tech sector, and stocks in general.

Markets received no help from the European Central Bank and the Bank of England, both of whom kept their respective interest rates unchanged.

On the domestic economic front, the picture is gloomy. Canada’s Help-wanted Index fell 1.8% in June to 161. This continues a general downward trend that began in November 2000. British Columbia saw the largest decline, along with slides in five other provinces.

It was also reported that German unemployment saw its biggest increase in two and one-half years in June. In the United States, weekly jobless claims rose by 7,000 last week, the first increase in a month.

In Europe, the tech weakness has the FTSE down 60 points to 5,540. The CAC 40 has dropped 58 points to 5,116. The DAX is down 23 ticks to 5,993.

Overnight in Asia, stocks were weak, too. The Nikkei slid 22 points to 12,607. The Hang Seng stumbled harder, dropping 208 points to 12,999.

In other news, Suncor Energy Inc. today issued earnings guidance for its second quarter. The company indicated that earnings will be about 25% higher than during the first quarter of 2001.

724 Solutions Inc. announced preliminary results for the second fiscal quarter ended June 30. It said revenues will be approximately $14.1 million, and it sees a pro forma loss per share of 27¢ to 29¢.

CAE has announced $40 million in contracts with Japan Airlines and SAS Flight Academy of Stockholm, Sweden.