Stocks are looking at a weak opening this morning, as optimism for economic and corporate profit recovery fades.

A series of earnings warnings in various sectors is dampening the mood. The obligatory tech sector warning comes courtesy of Comverse Technology Inc., which forecasts lower sales and profits on weak demand.

Consumer products firm, Newell Rubbermaid Inc., has issued an earnings warning. ABB Ltd., the world’s largest electrical engineering company, is also warning, as are Tiffany & Co. and Allstate Corp.

There’s no economic data out this morning, but there is concern for the U.S. economy, as the Argentine debt crisis grabs market watchers’ attention. Hope that the country will avoid defaulting on its US$130 billion debt is fading. The U.S. dollar is down on the fear that its pain will spillover to the United States.

This mornings round of earnings warnings have European traders slamming stocks. The FTSE is off by 56 points to 5,412. The CAC 40 has shed 53 points to 4,921. The DAX is down 71 points to 5,745.

Overnight in Asia, stocks slid in reaction to Wall Street’s weakness and the poor profit situation. The Nikkei dropped 295 points to 12,005. The Hang Seng was more moderate, losing 186 points to 12,528.

On the M&A front, Thomson Financial announced today that it has acquired the assets of MIS Banking Systems Ltd. and its affiliates, a privately held, London-based firm that provides securities data processing and fixed income systems to the European and Far East financial markets. Terms of the deal were not disclosed.