Europe's leading exchanges are headed for a lower open on the quarter's last day of trading following declines in Asia overnight and on Wall Street on Friday as recessionary fears in the United States and concerns over the health of the credit markets persist.

On Friday, Wall Street finished the week lower as the financial health of the consumer came into focus following a report showing personal spending at its weakest growth in 17 months and a profit warning from J.C. Penney Co.

The DJIA fell 86.06 points or 0.70 percent to 12,216.40, while the broader S&P 500 index lost 10.54 points or 0.80 percent to 1,315.22. The technology-laden Nasdaq closed 19.65 points or 0.86 percent lower at 2,261.18.

This morning, Asian markets were also largely lower, with the Nikkei 225 index shedding 316.63 points or 2.47 percent to 12,503.84, while the Hang Seng index lost 445.82 points or 1.91 percent to 22,840.13.

Back in Europe, financial stocks remain in focus this morning and are likely to track their U.S. and Asian peers lower amid reports of potential dividend cuts at U.S. institutions and news Lehman Brothers Inc. is set to file a lawsuit today against Japanese trading house Marubeni Corp., which reportedly swindled the investment bank out of about $350 million