Stocks are poised to slide a bit at the open today.

A couple of tech earnings warnings last night are shaving profit expectations, and the general economic scene seems to be humbling traders, too.

The U.S. Producer Price Index came in up 0.1% for May, up 0.2% on the core rate (excluding food and energy). Economists expected 0.3% on the headline rate and 0.2% at the core.

The results came in a little softer due to slackness in food, autos and computers. The hope is that the absence of inflation gives the U.S Federal Reserve Board the green light for more rate cuts.

Also in U.S., jobless claims last week fell 12,000 to 428,000, down from the nine-year high hit last week.

In Canada today, April’s new motor vehicle sales came in up 5.9% from March, the largest monthly increase since December 1999. This was the fifth increase in six months.

In Europe, the economic picture is a little glum. The European Central Bank has lowered its growth forecast for this year and raised its inflation estimate. Stocks are sliding in response, led by Alcatel SA, and steelmaker Corus Group plc. The FTSE is off 49 points to 5,771. The CAC 40 has shed 41 points to 5,312. The DAX is off 27 points to 6,085.

Overnight in Asia stocks were mixed. Despite Japanese government musings that the country may be in a recession, the Nikkei rose 23 points to 12,847. The Hang Seng however dropped 274 points to 13,249.

In M&A news, the U.S. may pressure the European Union to approve General Electric Co.’s US$45 billion takeover of Honeywell International Inc.

In other news, CAE today announced contracts for the sale of three flight simulators to American Airlines, Southwest Airlines, and Lufthansa Flight Training for a total $50 million.

MDS Inc. today reported its operating results for the quarter ended April 30. Net income for the quarter from core operations was 13¢ a share, up from 10¢ a share earned in the same period last year. Net income for the quarter, after MDS Proteomics and goodwill, was $5.8 million, or 5¢ a share.