Stocks are set to slide this morning, as investors take profits amid an uncertain economic outlook.

Tech stocks are leading the way down. The uncertainty grew after Deutsche Telekom forecast its first full-year loss, blaming the cost of the acquisition of VoiceStream Wireless Corp.

In Europe, stocks are down on profit fears. The FTSE is down 60 points to 5,206. The CAC 40 has dropped 36 points to 4,449. The DAX is down 106 points to 4,953.

Overnight in Asia, stocks pulled back aggressively from recent gains. The Nikkei dropped 324 points to 10,625. The Hang Seng was down 195 points to 11,066.

There’s plenty of M&A news today, leading with the news that CSFB (USA) has reached an agreement to sell CSFBdirect to Bank of Montreal. The purchase price is US$520 million and the transaction is expected to close in early 2002, after regulatory approvals are obtained in the U.S. and Canada.

Pharmacia Corp. has said it will spin off its Monsanto Co. agricultural subsidiary in the second half of 2002. Interbrew SA is said to be considering a takeover of South African Breweries plc.

In earnings news, Wescam said it expects fiscal 2001 revenue to increase by approximately 3% and net earnings to grow in the range of 20%, lowering earlier guidance.