Stocks are pointing to a slight down open this morning, with names such as Microsoft and IBM sliding in the pre-market.

As well, Motorola is warning about its earnings, and traders remain worried about the economy and corporate profits.

With U.S. demand waning since the September 11 attacks and prices falling, OPEC says that it is thinking of cutting oil production by 1 million barrels per day to keep prices up.

In Europe, stocks are up mildly this morning with old economy names bouncing back, including DaimlerChrysler, Pearson plc, Usinor SA, BP, and Nokia Oyj. The FTSE is up 45 points to 5,055. The CAC 40 has gained 41 points to 4,218. The DAX is up 42 ticks to 4,515.

Overnight in Asia, markets were less sanguine, giving back recent gains. The Nikkei shed 47 points to 9,965. The Hang Seng dropped 61 points to close at 10,298.

In M&A news, J.M. Smucker Co. is buying the Jif peanut butter and Crisco brands from Procter & Gamble Co. for about US$1 billion.

In other news, Emco Ltd. has announced a 5% stock buyback.