In overseas news, the FT is reporting that Europe’s largest banks will return funds from the ECB’s LTRO. According to the news, Italy’s UniCredit, France’s BNP Paribas and Société Générale, and La Caixa in Spain will begin repayment in December 2012 – the earliest possible date. EUR/USD is slightly lower, but holding above the 1.33-mark. USD/JPY continued its recent move lower, falling half a handle to 82.45.
Among commodities, crude futures are down $0.50 to the mid-$102’s. Seemingly in a perpetual decline, natural gas futures are down another 2%. Gold futures are lower by $5, trading at $1,667.50, now down over 12% from highs in September 2011.
Today, at 10 a.m. ET, ISM will release the March figures for its manufacturing index, while the Commerce Department will release February construction spending. Markets are expecting ISM Manufacturing to gain to a reading of 53.