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Defensive trade has been the name of the game in Asia on Monday with worries surrounding the giant Chinese property developer Evergrande seemingly providing much of the early impetus. Volumes have been kept thin by market holidays in China, Japan, South Korea and Taiwan. Markets in Hong Kong lead the way lower, the Hang Seng down over 4% while the Hang Seng Property index has dropped to the lowest since 2016. Other markets in the region also seeing losses, though moves are less pronounced. US futures are lower, S&P 500 e-minis have traded below their 50- & 55-DMAs (there hasn't been a close below these MAs since March) and sit at levels last seen on Aug 20. Markets look ahead to the FOMC meeting on Wednesday this week.