Modest bounce after Mfg PMI 47.3 vs. 47.8 est., Tsys climbing off session lows (USM3 at 124-26, -13), equities bounce off lows as well ESH3 3973.25 -2.25.

Coming up at 1000ET: Construction Spending MoM (-0.4%, 0.2%); Mfg (47.4, 48.0); New Orders (42.5, --); Prices Paid (44.5, 46.5); Employment (50.6, --)